Open Enrollment: What You Need to Know

Open enrollment season is here and you’ve probably made the unpleasant discovery that insurance rates are on the rise. But fear not, there are still opportunities for you to maximize the value your benefit plan in 2012 and ensure your employees are well covered. Here are a few tips:

Consider coverage options: Typically your carrier has a multitude of coverage plans available to choose from, so get in touch with your broker to talk about what the best options are according to your specific needs.

Gauge your employees’ needs: Your specific needs are tantamount to your employees’ needs, so if increased rates means you have to make changes to health plans, ask your employees what coverage matters most to them. This will give you a better idea of what types of plans to offer to keep your employees most satisfied.

Offer options to your employees: No two employees are alike and what satisfies the health needs of one may not meet the needs of another, so offer them different plans. Your broker can help identify plans that require the same financial contribution from you but allow employees to choose from a diverse sampling of plans.

Offer some perspective: Most employees are appreciative of health insurance but aren’t really aware of how much employers pay toward their coverage. If increased costs result in changes to employee plans, make sure they understand that this is the reason behind the changes.

Encourage your employees to understand their new plans: Enrolling in a new plan could mean that deductibles, prescription coverage, etc. have all changed. (Moore Benefits offers employee education programs on a year-to-year basis to ensure employees understand the ins and outs of their plans.)

Open enrollment ends on December 31, so feel free to contact us with questions about your 2012 plan options. We can help you select a plan that is friendly to your budget and your staff.