t’s open enrollment
for millions of employees in the United States. For some, it’s a daunting task,
no matter how easy employers try to make it for them. MetLife provides the following
suggestions for employees to help them make important health care decisions for
themselves and their families. Feel free to incorporate these points into your own
open enrollment communications to employees: Take time to do
your homework: Make sure you thoroughly research which benefits are right for you.
The benefits you select for the coming year can have a significant impact on you
and your family’s finances, so be sure to spend enough time researching and selecting
your benefits. You should plan to spend as much time—if not more—as you would when
you research other products and services such as a new computer or a flat-screen
TV.
Read the proverbial "big envelope" and use online tools: Employees
who have the information at their disposal to make an informed decision are almost
three times more likely to feel confident about their benefits selections. Therefore,
it’s important for you to read open enrollment materials from cover to cover. You
don’t want to be the person who doesn’t read the fine print only to realize your
oversight when you get the bill for that specialist visit. Many companies also encourage
workers to read about their benefits offerings online, and some even offer Web-based
calculators and tools.
Plan to make some changes each year: Open enrollment is an
opportunity to re-evaluate your options and make changes. Very few people have the
same benefits needs year after year. Make sure you consider changes or coverage
increases, particularly if you’ve experienced a recent life event, such as getting
married, having a baby or purchasing a home.
Don’t assume that a bumpy economy means you’ll have fewer
benefits choices: Over the past few years, employers have expanded the breadth of
their benefits offerings significantly—especially when it comes to voluntary benefits,
which are paid for by the employee, typically at a significant cost savings due
to group rates. To meet the needs of an increasingly diverse workforce (and help
retain top talent), many employers add new voluntary offerings each year—and the
premiums for many can be paid through payroll deduction. Aging parents? Think about
long-term care insurance. Sole breadwinner? Consider disability insurance. Buying
a home? Access a legal-services plan. Have a dog? Ponder pet insurance. New apartment?
Look into renters insurance.
A pay raise changes things: If you are fortunate enough to
get a salary increase in this challenging economic environment, consider increasing
your 401(k) contributions and disability insurance coverage.
Take advantage of pretax accounts: If your employer offers
a flexible spending account for health care expenses or a 401(k) company match,
consider this free money. Even if finances are tight, don’t forget your future—would
you rather give up your morning latte and manicures, or work into your 80s because
you don’t have the savings to retire?
Ask, ask, ask: If you aren’t satisfied with your benefits
or the enrollment process, let your employer know. Ask for the guidance and advice
you need. Inquire about the possibility of meeting face to face with your HR department.
Employers have an interest in making you happy—86 percent of employers view benefits
as an important retention tool.
Workforce Management Online, November 2008 -- Register Now!
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