Do your employees struggle with learning about their health benefits? Employees who don’t understand benefits or those who aren't satisfied with their employee benefits may not be utilizing them to their fullest, which can make costs for the entire organization go up. Many younger employees have the mentality that they are healthy and invincible and thus believe they do not need to enroll in health insurance. When only the unhealthy or sick enroll in the company plan, however, costs can rise significantly.
In order to understand what your employees truly want from the benefits that you offer, it is best to survey your workforce and see how they feel about their current benefits. It is important to fight the urge to only listen to the employees that normally voice their opinions on matters. You must be able to survey the whole spectrum of your employees, including the younger employees and those that may be currently opting out of getting coverage.
A result of surveying your employees may show they are either misinformed or aren't getting properly educated about health care. Make sure to take the confusion out of signing up for employee benefits by providing your employees with many resources to learn about the process. Having an annual open enrollment period is important for your employees to be aware of the benefits you offer to them. The insurance broker or carrier should conduct these meetings for your company to allow employees to feel comfortable asking questions about their health and what plan is right for them.
With the many recent changes in the health care law, Affordable Care Act, you need to make sure that you and the company are in compliance. With this year’s extension coming to an end, being non-compliant may cause your company to incur a large amount of fees. Proper open enrollment periods ensure your employees are well educated about health insurance and meet the requirements of the individual mandate that took effect January 1st, 2014.
To help make sure your company is ACA compliant and take out any confusion you may have, contact the specialists of PAYDAY and Beneforce to provide you with the resources you need.
PAYDAY Workforce Solutions provides a single database SAAS solution for Human Capital Management (HCM) including payroll, human resources, time management, benefits administration and onboarding to companies of all sizes and in various industries.
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