Health insurance is an important benefit that adds great value to any compensation package. Although employees are more likely to focus on more "exciting" benefits, like vacation time or amusement park discounts, health insurance is an actual necessity. Unfortunately, it is generally only thought about when someone is sick, has an accident, or becomes pregnant. Many employees don't realize that there are rules to when you can start or end insurance, add dependents, or even utilize the services. Frequently, there is confusion about what is covered and how to calculate costs (both premiums and out-of-pocket).
As an employer, Open Enrollment is your opportunity to educate your employees on the benefit plans you offer, and allow them the chance to enroll, change their plans, and add/remove dependents. If employees are able to learn about the advantages of their healthcare plans, they will be more likely to recognize the value and full potential of this employer sponsored benefit. Employees who understand their healthcare benefits are better able to pick a plan that fits their usage, which results in greater satisfaction versus someone who signs up for a plan based on cost, which may or may not cover the services they are most likely to use.
In a Metlife 2010 study, it was found that 81% of employees who say they are satisfied with their benefits are satisfied with their jobs, whereas only 23%of those dissatisfied with their benefits are satisfied with their jobs. In the same study, 65% of employees said that their benefits made them feel more loyal to their employer.
Part of satisfaction with benefits, or anything, for that matter, is comprehension. For example, it's difficult to see the value of a more expensive flat screen TV versus an old-fashioned tube TV until you understand that the picture is clearer, and the TV is more mobile and versatile (it can be hung on the wall, etc). The same goes for benefits. If an employee truly understands how their plan works and they can navigate through the networks, referrals, copays, and deductibles, then they are less likely to be surprised by the costs of services, more likely to utilize the networks properly (and therefore pay less out of pocket), and know how to resolve simple claims or authorization issues as they arise. Your insurance carrier or broker may offer to assist you at your plan's renewal by providing communication for employees, or sending a representative to come to your office and answer questions for your employees in person. As employees' decisions are binding for the plan year, it would be a good idea for them to have at least 10-15 minutes to discuss their situations with a benefits expert.
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