Open enrollment is something you probably only think about a few times a year. For employees, it might be even less often. That’s why it’s important to touch on benefits throughout the year—to ensure employees are making the most of them. Here are five steps for providing employees with thoughtful, year-round benefits engagement:
Benefits Education for Young Employees
Employee benefits aren’t always simple. In fact, for many young employees, they’re downright confusing. Look at basic health insurance term knowledge, for example. Only 7% of individuals can define terms like premium, deductible and coinsurance, according to UnitedHealthcare. Here are five ways you can start informing young employees about their benefits right away:
1. Start with benefits 101—Start educating with benefits 101 initiatives, assuming employees have no base knowledge. Resources in this area cover insurance basics, such as common terms, group health coverage ins and outs, and enrollment period restrictions.
2. Explain what’s in it for them—At the core of any transactional conversation is the question of “What’s in it for me?” Employees, especially younger ones, will undoubtedly want to understand why it’s worth it to learn insurance basics.
3. Vary the messaging—Use several formats to help reinforce benefits literacy among employees and capture more attention. Examples include email announcements, PowerPoints, videos, mail-home flyers, posters and comprehensive packets.
4. Don’t stop educating—Benefits literacy isn’t something achieved overnight. Rather, it should begin immediately and continue year-round.
5. Be there for questions—Have a dedicated person on the HR team help answer benefits-related questions. This individual should be available to respond to emails as well as attend in-person or virtual meetings.
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An AssuredPartners Agency
In February 2020, The Friedman Group joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.