Many aspects of our lives changed as a result of the COVID-19 pandemic. One of the most stressful side effects of the global pandemic is employment situations and related policies. For those who take advantage of healthcare policies and insurance through the workplace, maintaining that coverage can give essential peace of mind and comfort for employees and their families.
While these are uncertain times, there are many ways that employers can provide some security for their employees’ benefits during open enrollment. As an employer, it is hugely beneficial to ensure that you have the right coverage for your employees and that they can maximize their benefits. Here are four open enrollment tips from our health insurance underwriters at LHUI:
Health Savings Accounts for Your Employees: EHealth describes a Health Savings Account (HSA) as “a financial account used with a qualifying high-deductible health plan (HDHP) that allows employees to pay for healthcare expenses on a pre-tax basis.” By encouraging employees to open a Health Savings Account, employers can help their employees with tax benefits and health-related expenses.
Life Insurance: Offering life insurance as part of an employee benefits package is optional, but some employers choose to offer it because of the potential for low rates and employee satisfaction. With all of the uncertainty of the pandemic, life insurance policies may provide peace of mind for your employees.
Wellness Program Options: Our daily routines are drastically changed due to the pandemic, which negatively affects many people’s mental health. Thankfully, numerous wellness program options can be completed in the comfort of your home, including teletherapy, at-home fitness programs, and apps that promote a sense of calmness to cope with the stress of the pandemic. Employees can offer these programs and benefits to their employees to show concern for their employees’ health and wellness during these difficult times.
Consult With an Experienced Health Insurance Broker & Employee Benefits Specialist: If you’re unsure about the next steps regarding your employee benefits packages during open enrollment, get in contact with an experienced health insurance broker and employee benefits specialist. These industry experts can help you navigate the complex marketplace and keep you up to date on new policies.
At LHUI in Seattle, Washington, our team of insurance experts can help your organization identify, learn, and maximize your employees’ benefits year-round. Schedule a consultation with a team member at LHUI today!