The Impact of COVID-19 on Health Insurance Open Enrollment
Employers can expect major disruptions to open enrollment this year due to the coronavirus (COVID-19) pandemic. As such, employers should stay apprised of current trends and begin preparing sooner rather than later. Contact your PEO for additional insight or Contact Libertate Insurance if you are considering a PEO.
Trends to Watch
Many organizations are expected to hold entirely virtual open enrollment due to the coronavirus. Virtual enrollment has been trending for several years, and the COVID-19 pandemic is helping to solidify its prominence. A virtual enrollment process typically includes an online enrollment platform for selecting benefits, hosting remote meetings between employees and HR, and downloading benefits resources.
Also, many employers are meeting current employee needs through supplemental health plans with an emphasis on overall well-being. Adding optional health benefits can be a way to limit additional employer spending and provide assistance to employees who need it.
Ways Employers Can Prepare
Open enrollment isn’t always a clear-cut process. Employers can review the following strategies and consider how similar initiatives might improve their own open enrollment efforts:
- Reach out to employees to determine what kind of enrollment process will work best for them.
- Confer with management about any operational restrictions that may influence open enrollment.
- Meet with stakeholders to solidify what the enrollment process will look like.
- Inform all stakeholders about the enrollment process and where to find benefits resources.
- Communicate to employees about open enrollment using multiple channels.
- Understand what additional, supplemental plans are available:
- Critical illness insurance
- Cancer insurance
- Hospital indemnity insurance
- Accident insurance
Speak with Libertate Insurance today for additional open enrollment resources.
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The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better.
All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.
To contact a PEO expert, please visit Libertate Insurance Services, LLC and RiskMD.
