If you’re like most U.S. employers, your workers sign up for health insurance coverage during a two- or four-week span—known as open enrollment—in late October or early November.
Although no law or regulation requires employers to stage open enrollment, it has become an annual rite of autumn simply because so many insurance plan years begin with the New Year. A fall sign-up ensures all the paperwork and payroll deductions are in order when the plan year starts.
Beyond meeting deadlines, open enrollment is your best opportunity to:
- Explain available benefits
- Communicate changes in benefits programs
- Allow employees to make changes in their benefits elections
- Let employees update critical information such as new health plan insureds (if they have recently married or had a child) and new life insurance beneficiaries.
Open enrollment is also a great opportunity to promote the tools and educational materials that help empl...(register to read more)