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Open enrollment, the one period a year where employees can sign up or change health insurance, is still in progress. This year, open enrollment opened nationally on November 1, 2021 and ends January 15, 2022. Some states like California, however, extend their open enrollment period to January 30, 2022.
It’s not too late for brokers to partner with employers to offer benefits plans. Take advantage of this opportunity to encourage employers to offer your insurance as employers can easily change and upgrade their current plans during this time. Click here to find when open enrollment closes per state.
Tips to Encourage Employers to Partner with You
Encouraging employers to offer your benefits plan during open enrollment is beneficial for you, the employer, and the employees.
As a broker, you are on a “per-life commission,” which means their health is your happiness. Brokers can make it easier for employers to get better enrollment rates, save money, and encourage a happier and healthier workforce. In turn, this provides employees the opportunity to have access to affordable ACA-compliant healthcare.
Before employees can even begin considering your different insurance plans, employers have to be on board and engaged. Here are a few tips to help increase employer engagement.
Applicable large employers (ALEs) have over 50 full-time employees and are required by law, to provide insurance to 95% of their workforce. Failure to do so results in high penalties and fines from the Internal Revenue Service (IRS).
Although employers must offer health insurance, that doesn’t mean employees have to take it. Take a look at our benefits calculator to see how much offering Affordable Care Act (ACA) compliant Minimum Essential (MEC) benefits to employees saves the employer overall. Providing cost comparisons and the monetary value over time is a great way to encourage employer partnerships.
ACA-compliant MEC benefits are a cost-effective way for employers to provide health insurance by including:
Businesses hiring new employees can spend at least $4,000 hiring and training new individuals and about 52 days filling said position. When an employer finds and hires top talent, keeping said talent in the company is essential. This reduces high turnover and hiring costs.
With that in mind, about 60% of employees feel that benefits are a “very important” factor in their decision to take or leave a job. Employers who offer benefits then have a more competitive edge during the hiring process. An employee between offers is more likely to accept the opportunity that includes benefits.
If employers offer benefits for current employees, it can help their business retain its current workforce and cut down on future hiring costs.
A healthier workforce directly benefits employers. If employees are happy and healthy, they consistently show up to work and are more productive. This helps companies function at a high level and reduces the financial strain of employers needing to find coverage for workers who fall ill.
According to the American Hospital Association, “health insurance facilitates access to care and is associated with lower death rates, better health outcomes, and improved productivity.”
Hiring a new employee to replace one who falls ill due to preventable illness because of lack of insurance is a costly and unnecessary expense.
In a study examining the impact of employee benefits, researchers found that 70% of people don’t feel valued by their workplace. They also found that 25% of people believed their productivity at work would improve if they received employee benefits.
Showing you value your employees and their hard work by providing benefits encourages your workforce to strive to perform better.
The CDC also found that employees who take advantage of their health insurance by using preventative care resources such as annual checkups, routine lab work, and immunizations are more productive in the workplace. Employees may be more productive because they are taking less sick time or have improved focus on their work as a result of being less stressed. In the end, offering quality health insurance benefits the employer.
Provide employer partners with actionable ways they can encourage their workforce to sign up for health insurance. After all, the benefits and savings of having a healthy, supported workforce speak for themselves.
Partnering with brokers like you help guide employers through the process of picking the right health insurance options for their company. Remember, it doesn’t have to be complicated.
As a broker, you have the expertise to help employers select plans that are right for their employees, aid in setting up virtual benefits, and serve as a go-to resource to answer questions that your employers may have. For more broker tips, read our success plan for brokers. It’s a great resource to use as the new year approaches.
Mon – Fri: 7:00am—5:00pm (PST)
© SBMA 2022 – all rights reserved
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