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Benefit professionals spend all year preparing for open enrollment, but the end of open enrollment doesn’t mean our work is complete. In addition to all the work we still have to do (setting up file feeds, ensuring carriers and vendors have the correct elections, etc.), there are a number of steps we can take now with our plans to make sure our “houses” are in order and avoid potential headaches later.
Now it is time for the big event! Open enrollment is starting and it is time to put all your meticulous planning into practice. At this stage, your communications should be focusing on accomplishing a singular goal: informing employees about the benefits options they have available and getting them to enroll.
Nearly one-third of eligible employees are signing up for voluntary benefits during enrollment periods, which is a slight uptick from previous years. According to a study conducted by Eastbridge Consulting Group, the overall average participation rate increased from 21% in 2014 to 28% in 2017.
This article has been obtained from an outside source. AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY, NY), AXA Advisors, LLC, and AXA Distributors, LLC., do not guarantee or accept liability for its accuracy. We do not make representation as to the accuracy or completeness of any statements, statistics, or data provided herein, nor will this information necessarily be updated or supplemented at any time. Any data is historical and is not indicative of future results. This article is for general information purposes only. It does not constitute an offer or solicitation of any kind and are not intended, and should not be relied upon, as investment, insurance, tax, or financial advice. You should consult with your own legal and/or tax advisor.
GE- 126827 (07/2017)