1.5 minute read
New research from Arizent reveals employee benefits leaders' challenges and strategies for increasing benefits utilization and shaping employers' 2024 open enrollment plans. Only 30% of HR leaders believe their company effectively improves benefits utilization, indicating the need for further work. Open enrollment season encourages organizations to assess their challenges and develop a plan to tackle them.
Top Priorities
Here are the perceived challenges and priorities from survey respondents:
- Finding cost savings with benefits during open enrollment
- Prioritizing preventative care and chronic management programs to help lower employees’ costs
- Increasing employee communication and using a variety of methods
- Expanding supplemental benefits that go beyond health care which support financial wellness and personal growth
- Making more thoughtful decisions about benefits with guidance from an agent/broker
As organizations strive to meet the evolving needs and regulations in 2024, employers will face an ongoing challenge of delivering valuable benefits to their diverse workforce while also providing cost savings.
Takeaways
Open enrollment is crucial for employers and employees. It's a time for employees to make benefit decisions and for employers to engage with their workforce. As organizations adapt to changing needs and regulations in 2024, open enrollment becomes even more critical. Employers who effectively drive benefits utilization shared the following strategies:
- Promote and encourage preventative care, screenings, and wellness
- Discuss open enrollment throughout the year
- Track benefits usage through participant rates and employee surveys
- Leverage benefits-related communication methods including email, digital tools, employee champions, etc.
- Drive benefits usage by offering a concierge to personalize employee care and having a website portal based on each employee’s unique needs
Employers should continue to monitor utilization, employee benefits trends, and spending. Download the bulletin for more details.
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
