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HR teams can send additional reminders to those employees and follow up with them individually so they dont miss the deadline. For exactly that reason, its important to make sure you go beyond encouraging higher and higher 401(k) contributions (which only some employees can manage) and, instead meet your entire workforce where it iswith more empathetic, targeted, holistic financial guidance. Please let us know if you have questions by replying to this email! As an Account Executive, she was a key team member on the TRS-ActiveCare account from its inception through the duration of the contract. Please note that all such forms and policies should be reviewed by your legal counsel for compliance with applicable law, and should be modified to suit your organizations culture, industry, and practices. Include a benefits portal on your company website so employees can enroll online at their convenience. Open enrollment consumes a large amount of HR's time and energy, making it nearly impossible to forget about. Bretton is an aPHR-certified member of the Marketing Team at Bernard Health. document.head.append(temp_style); You may be trying to access this site from a secured browser on the server. It often brings many questions and can be stressful on both sides of the communication flow. What makes the email essential is that you can send it to every employee through the companys email system. Changes in dependent status - children can age out of dependent status or become eligible for dependent status during the year. Get a demo of the ALEX platform and learn more about how our software can help you boost benefits engagement, drive better financial decisions, and save your team time, money, and headaches. Please submit questions related to Open Enrollment for your employees on leave to Service Now > Leave Administration > Other Leave Questions. Coby joined FBS in 2007 as a Benefit Consultant and then rose to Vice President of Sales in 2013. Para garantizar que brindemos la informacin ms actualizada y de mayor precisin, algunos contenidos de este sitio web se mostrarn en ingls y los proporcionaremos en espaol una vez que estn disponibles. After all the time and attention that HR pros give, missing open enrollment can make a bad situation worse, An employee may be in luck if they have a, a change to an individuals circumstances, which allows them to, Short-term, or limited-duration, coverage is a health insurance plan that is meant to only last a short time, like a few months to a year. Depending on who the healthcare plan provider is, there may be contractual agreements that do not allow for enrollment . Make it easy on you and your team by taking advantage of our action plan and timeline. Missing open enrollment means limited options, but here a few situations to consider: If an employee misses open enrollment, its important that HR first respond with empathy and understanding. Sample 2: Excuse email for work absence due to sickness. Home If a company operates based on the fiscal year, the ideal open enrollment time frame would be in October. To qualify, individuals must have experienced a loss in permanent coverage due to a job change, layoff, becoming a college student, or missing open enrollment. Short-term coverage is typically cheaper than traditional health plans, but only relatively healthy individuals will qualify. Pretty good! She encourages employees to ask themselves the following questions to be sure they are making the best choices for themselves and their families during the year ahead: "If you answered 'yes' or you're not sure about the answers to these questions now is the perfect time to revisit your benefits. There are simple steps employers can take to ensure a successful open enrollment period. In this article, we will focus on the importance of sending an open enrollment email to employees. The only exception to these terms is if an employee qualifies for a special enrollment period (SEP). When open enrollment ends, we know you'll receive an influx of employee questions about their options to sign up for healthcare. As a result, your employees can latch on to the situation closest to their own, and feel more confident in their choices. Consider implementing the following strategies: Offering adequate benefits education to your employees prior to and during the open enrollment period can help alleviate much of the confusion that they may face. The email is simply an introduction. The IRS states that a qualifying event must have an impact on your insurance needs or change what health insurance plans that you qualify for. [Insert link to benefits portal and instructions]. Employees who experience qualifying life-changing events (such as getting married, divorced or legally separated, having or adopting a child, or moving to a new residence or work location that affects benefits eligibility) are eligible to enroll in or make changes to their benefits elections outside of the open enrollment period. Remember, this is a guide to get you thinking about your message to employees. Learn more, Money Girls Quick and Dirty Tips for a Richer Life. Remind your employees about these resources regularly by highlighting a single resource every month. These waivers also protect an employee's ability to immediately enroll for benefits if they lose coverage from an outside health plan, such as a spouse's employer. Make a corrective contribution to the plan for the employees that compensates for their missed deferral opportunity. Surveying your employees will help you clarify their benefits options and the open enrollment process, and it can demonstrate that you are willing to set aside time to help answer employee questionspotentially reducing the number of employees that miss open enrollment. 360 Degrees of Financial Literacy program by the American Institute of CPAs (AICPA) is urging employees to carefully review their family's financial situation and insurance options to pick the best coverage plan for their household. If you are looking to outsource Paychex can help you manage HR, payroll, benefits, and more from our industry leading all-in-one solution. Another way to increase engagement is to provide helpful resources and quick tips for employees to reference. SHRM Online, September 2019, 10 Questions for Employees Choosing a Health Plan, Requiring waivers of coverage: Waiver of coverage documents verify that employees reviewed and declined benefits options during the open enrollment period. !.,-_*|+~#). Now What? Turning 26 and being dropped from a parent's coverage, Change in number of eligible family members due to birth, death, adoption, or other family status change, Change in work hours or job position that could affect insurance eligibility. We can help you tackle business challenges like these. Here's what can happen and how HR can help. Between having multiple options, confusing plan descriptions, debating voluntary benefits and tight open enrollment deadlines, it's pretty easy to see how things might get confused. Changes in employment - this can mean starting a new job, quitting, or a transition from part-time to full-time work status. If an employee misses . There are benefit fairs, promotional material, and banners on the company website. These employers must offer affordable, minimum-essential coverage to their full-time employees or potentially face the employer shared responsibility penalty. Bonus tip: Dont just send all these links in a one-time email. Copyright 2023 Financial Benefit Services: Employee Benefit Solutions. ensure a successful open enrollment period. The dates give your human resources department time to process and review employee elections and send them to the benefits providers. Are there changes I can make to my budget that would allow me to increase tax-deferred savings through a flexible spending account or a health savings account. They must offer affordable, minimum-essential coverage to their full-time employees or potentially face the employer shared responsibility penalty. In order to ensure that none of our employees in this status were missed by the cutoff date, HR Leave Administration . var currentUrl = window.location.href.toLowerCase(); You have successfully saved this page as a bookmark. When employees miss open enrollment and lose health coverage, this can add financial and emotional burdens that may affect their health, well-being, and productivity at work. Why? We encourage all employees and supervisors to treat others with equality and respect. "Thank you" If your benefits packages havent changed from the previous year, consider offering a passive enrollment, which automatically enrolls employees who dont wish to make any changes to their selections. The call-to-action lets them know the open enrollment date, where they can find information, and when enrollment packets will become available. Your teams need ample time for payroll processing. And if you have any questions or are uncertain about anything in the process, contact your HR department - they'll help you navigate the open enrollment steps and clarify anything you don't understand. Were sharing some sample 401K communication to employees that you can use to get your message across. Russ joined FBS in 2019 after working as a valued partner for 15 years and manages our ISDs group health program. Tips for writing a professional excuse email. Session Information: Many companies host open enrollment sessions to help fully explain the offerings. If you have questions please send to [email] or attend the upcoming Q&A [Date, time location]. temp_style.textContent = '.ms-rtestate-field > p:first-child.is-empty.d-none, .ms-rtestate-field > .fltter .is-empty.d-none, .ZWSC-cleaned.is-empty.d-none {display:block !important;}'; If you experience one of these life events, you'll want to get in touch with your FSA administrator within 30 days of the event to find out if you are eligible to make changes to your plan. The good news is that were here for you every step of the way! Enrollment ends Jan 15th in most states. But it will show that you have their best interests in mindwhich, when it comes to creating change, is half the battle. HR teams in larger companies may even conduct special meetings or hold benefits fairs, all designed to help employees understand their benefits options so they can make informed decisions. Heres what you need to do to get and early start: [Instructions]. Its that time of year again! SHRM's HR Knowledge Advisors offer guidance and resources to assist members with their HR inquiries. Additional education can come in the form of personal worksite consultations, one-on-one appointments with HR representatives, seminars, webinars and self-paced e-learning modules. Dave lives paycheck to paycheck and doesnt yet have an emergency fund. Making your employees aware of these tools doesnt guarantee theyll use them, of course. If youre truly invested in helping your employees not only plan for retirement, but also create savings and dig out of debt, offer education in the moments that matter: Reiterate your 401K messaging whenever employees get a raise, bonus, or promotion. Be sure to include these details in your letter. Contractually, employers may not be able to accommodate employees who miss open enrollment, unless they qualify for a special enrollment period. Your session has expired. It's possible the employee had actually selected benefits but failed to confirm their election for some reason. Kyle was hired by FBS as one of our first benefit consultants in 2001 and became the President of the company in 2005. Subject line: Let's get smarter about 401K savings. If you don't have time to send a formal letter, consider sending an excuse email instead. Put together educational materials when employees get a raise, and remind them that nows a good time to up their contribution if they can. You can purchase coverage through the marketplace, but you wouldn't be eligible for any subsidy or anything (sounds like you make too much to qualify anyway). Coby now serves as the Senior Vice President of FBS managing a team of sales, marketing, and client implementation personnel. Open enrollment is a predetermined time frame employers establish for making changes to health care plans and benefits. Deadline to enroll for insurance to start Jan 1 is Dec 15. 2. As you know, open enrollment is open now and closes [DATE]. These include: Since there is little wiggle room with open enrollment deadlines, employers should focus on preventing employees from missing the annual deadline. This is nothing new. Provide instructions on how to log in. Neither members nor non-members may reproduce such samples in any other way (e.g., to republish in a book or use for a commercial purpose) without SHRMs permission. Changes in number of dependents - if you have a child, adopt a child, or if a child passes away. Did I pay out-of-pocket expenses this year that could be covered by an insurance option next year? Keep letters professional and to the point. if(currentUrl.indexOf("/about-shrm/pages/shrm-china.aspx") > -1) { To prevent these issues, its important to communicate to your employeesahead of timethe consequences of missing the open enrollment deadline. The UCPath communications sent to employees are attached for your reference. You can get your own copy here. Stacia will assign and work with an FBS Billing Coordinator to work with the district on consolidated billing, discrepancies, and other billing matters. But why stop there? Learn how ALEX makes benefits engagement a breeze for HR teams and consultants. Sample 1: Excuse letter for work absence due to family matters. In your hook, you want to get employees ready for open enrollment. Short-term insurance is a plan that provides health insurance for 30-364 days (depending on your state) to act as a stopgap when there is a lapse in longer health coverage. But if youre looking to get started now, you can still significantly improve the usefulness of your 401K communications by highlighting a few different employee personas, and giving financial advice for each one. Start reviewing your benefit information now so youre ready when the time is right. t is the employees responsibility to sign up for benefits during open enrollment as long as the employer provides plenty of notice. Request a consultation, so we discuss your payroll management and HR optimization needs. Open Enrollment Period: October 10, 2022 - October 31, 2022 This is the annual opportunity for you to make changes to your benefits and to add or drop eligible dependents from coverage. For [current year], we are maintaining [describe plan types] and have made the following changes: [describe plan changes].