HRO Today December 2019 - 71

The Benefi ts Package
spending one minute or less
learning or thinking about each
benefi t. In contrast, Netfl ix users
spend an average of 18 minutes
of any given day deciding what
to watch, according to Reelgood
and Learndipity Data Insights.
Making the benefi ts enrollment
process less passive is a good
way to begin to address the
challenge. For example, have
employees opt-out of certain
benefi ts rather than opt-in. This
often leads employees to read
more about each benefi t. At the
same time, messages need to be
in " Saturday language " rather
than " insurance-ese " to make it
easier and quicker for employees
to understand their options and
take action.
Online calculators can further engage employees in the
process and give them reality-based reference points
to highlight how benefi ts work together to support
holistic fi nancial wellness. The average family incurs
more than $4,500 annually in out-of-pocket medical
costs, according to Milliman, and a report from the
Federal Reserve Board shows that four in 10 adults are
not able to cover a $400 unexpected expense. The right
calculators will encourage employees to look back and
add up their out-of-pocket medical expenses from the
past year in order to think more realistically about the
year ahead. A calculator might also help employees
understand the potential advantages of supplemental
benefi ts-like accident insurance, critical illness
insurance, or a health savings account (HSA)-to help
cover qualifi ed events or expenses.
Additionally, providing real life examples to advise
people about which benefi ts can meet their needs can
be incredibly impactful. Big expenses or life changes
in the coming year should be considered to determine
if a supplemental benefi t might help. For example,
welcoming a new baby might prompt someone to
consider a dependent care fl exible spending account
(FSA) to help with child care expenses, or additional
life insurance to help to cover the unexpected loss of a
provider's income.
Employees spend
only 17 minutes
selecting benefi ts
during open
enrollment.
Source: Benefi tsolver
Communicate Before, During, and After Enrollment
During the enrollment process, reminders should be
meaningful. Stories of how fellow employees have used
different benefi ts can help bring each benefi t to life.
For example, younger workers might feel a sense of
invincibility, but year after year, Voya's claims statistics
indicate that accidents don't discriminate by age. A
slip down the ski slope, whether at age 22 or 62, could
end with a broken leg. The visit to the emergency
room, follow-up visits to the doctor, and the potential
impact to take-home pay can add up quickly. Along
with helping people pay for the obvious out-of-pocket
medical expenses, it's important to remind employees
that the claims payments from some supplemental
insurance-like accident insurance-can be used for
daily living expenses.
To make sure employees make the most of next year's
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HRO Today December 2019

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