Approach benefits choices with confidence. Strategies enclosed.

It’s the time when many employers are starting to think about the year’s end, and with it, renegotiating health insurance plans. Employees too, will start deciding whether to re-enroll or change their benefits choices. So we’ve put together some resources that can help with these tasks and everything that goes with them, from the smartest ways to convey benefit value to employees to a strategic new approach to choosing the right benefits. Find it all below.

The median mortgage payment in the U.S. is about $2,200 per month.¹  The average cost of health insurance for a family of four in the U.S. is about $1,997.²  Despite the similar financial commitment involved, the decision-making process for selecting a house and electing medical benefits could not be more different.

The average homebuyer spends weeks, if not months, selecting the perfect house. In stark contrast, electing their medical benefits during benefits enrollment takes them less than an hour on average.³

Why is the process of electing benefits so different from buying a house?

1. Lack of information: Many employees do not fully understand their benefits and unfortunately lack the information and tools needed to assess them so that they can make informed benefits decisions.^4,5,6

2. Insufficient support: Homebuyers have realtors to guide them through the process, offering expert advice and personalized options.

3. Lack of prioritization: Many people view their benefits decision as a mundane administrative task whereas buying a house is viewed as a significant decision.

Find out how to support and help educate employees so they can elect the optimal medical benefits based on their needs. Just as they would expect guidance when understanding factors like interest rates, neighborhood quality, and long-term investment when buying a house, they also need clear information to elect their benefits.

Small to medium-sized businesses often struggle to provide the insurance coverage, better known as benefit options, they need for themselves and their hard-working employees. It's a complicated process — not just finding premium insurance coverages, but also managing open enrollment periods, payments, and more.

Managing insurance coverage through benefits enrollment requires specialized knowledge. It's expensive. It's time-consuming. It's heavily regulated; in fact, your company may be required by law to offer certain insurance coverages. And in today's competitive labor market, it's very important to employees.