It’s almost that time of year again – November enrollment is right around the corner. Like years past, the open enrollment period for 2020 will begin November 1, 2019 and end December 15, 2019. This is a critical time for employees and employers alike to get their medical coverage in order for the next year. Employees are expected to review plan materials and ask questions before enrolling while employers are reliant on this information to see how it will affect their business. In the best interest of everyone, your company should be preparing for open enrollment in the months prior to the November start date.
How to prepare
- Evaluate your provider – Every year it is extremely important to evaluate your current health insurance provider to see if they are best suited to the needs of your business and employees. This should be done in advance to avoid surprises that could pop up in November. Additionally, make sure your health insurance is in accordance with laws depending on your needs and number of employees.
- Contact your provider – One of the best ways to make sure your provider is not making any drastic changes is to contact them directly. This is usually done through an insurance agent who knows the ins and outs of your provider’s plan. This is a great opportunity to ask specific questions about your business in relation to the plan.
- Educate employees – The bottom line is that employees are going to need to be responsible for reviewing their health insurance plans and deciding what is best for them. Being upfront with any changes and helping employees navigate open enrollment can make the process less stressful for everyone involved. Not sure where to begin? The Society for Human Resource Management has a guide of questions every employee should be asking about their health plan.
A simple solution
The to-do list for open enrollment can seem daunting for a company that takes its health insurance options seriously, but doesn’t have a lot of time to dedicate to poring over the paperwork. Many companies do not realize there is an easy solution for help with open enrollment accessible to them! A professional employer organization can be a great resource not just for open enrollment, but for all human resource functions.
The National Association of Professional Employer Organizations classifies a PEO as an outsourcing firm that provides everything from HR solutions to payroll, benefits, tax administration and regulatory compliance assistance. Working with a PEO essentially puts your business in a co-employment situation. This means that you and the PEO will share employer responsibilities, and the PEO will maintain employee benefits.
Working with a PEO during open enrollment can save your business time and energy. Aside from handling taxes and payroll, PEOs often provide user friendly and nearly error-free online resources for your business. Health plan information, benefits and renewal information are all easily accessed through one platform for both employers and employees. This streamlines the entire process, and if something were to go wrong the PEO takes responsibility.
A PEO is a great resource not only for companies trying to navigate open enrollment, but for any business trying to better every aspect of their HR program. NAPEO found that small businesses that utilize a PEO grow 7-9% faster than those without. If this is not telling enough of how beneficial a PEO can be for a business, NAPEO found that in addition to growth, companies with a PEO experience lower turnover and are 50% less likely to go out of business. Whether you are an established company or are trying to build your business a PEO can be a great tool.
Exectras at your service
If you are looking to use a PEO to simplify your health insurance program, it might be time to reevaluate your other business services as well. With an Exectras membership your business can receive special pricing on Oasis’s HR and PEO services that have already saved businesses an average of 32% on health insurance, payroll, and HR expenses annually. Alongside this, members gain access to a multitude of leading Fortune 500 business services at discounted rates that small businesses cannot access on their own. Here at Exectras, we have taken the time to build relationships with providers to deliver your business the best product at the best price.
Your employees can also benefit from this first-of-its-kind program. Once a company enrolls, employees have immediate access to a unique menu of perks, including access to America’s No. 1 healthcare solution, at no additional charge to your business. Aside from the time and money your business can save through these services, employee wellbeing is never compromised. To see how a membership with Exectras can benefit every aspect of your business, contact us to set up a consultation today.