3 Benefits To Help Employees Save During Open Enrollment

With the first day of open enrollment right around the corner, many employees across the country are beginning to review their employee-sponsored workplace benefits. The biggest decision may be deciding on the right health insurance plan, but there’s plenty more to consider. 

Employers can provide a multitude of benefits that not only assist employees in saving money but also provide enhanced protection against accidents or illnesses. Let’s take a look at 3 benefits employers can offer their employees to help them save.

Benefit 1: Offer a Health Savings Account

A health savings account (HSA) is a great little perk to offer your employees to help them pay for unexpected medical expenses. A health savings account allows employees to set aside money in an account that they can use later to pay for qualified medical expenses. 

The biggest benefit of an HSA is the money set aside is exempt from federal income tax, Social Security and Medicare (FICA) taxes, and most state income taxes. This means every last penny an employee contributes to their HSA can be used later for such things as deductibles, copayments, coinsurance, and some other expenses. HSAs are a great benefit to help employees spend less on health plan coverage and taxes while saving money for medical expenses.

Benefit 2: Mental Health Offerings

It’s no secret that mental health has become a top priority for employers to address. According to recent studies, around 50 million adults in the United States received treatment or counseling for their mental health in 2022. With therapy sessions costing upwards of $300, this can drain an employee’s bank account quickly. 

Thankfully, there are solutions available. By offering your employees an Employee Assistance Program (EAP), you can help them save. EAPs generally offer a set number of free counseling sessions. Additionally, some EAPs may also help your employees find a therapist or refer them to an in-network provider.

Benefit 3: Offer Insurance Programs

In addition to health insurance, employers are now providing a wide range of options to enhance coverage in case of a catastrophic event or accident. Employees often have the opportunity to include additional life insurance, critical illness insurance, disability insurance, and even pet insurance in some cases.

In addition, certain employers may provide hospital indemnity insurance, which is a supplementary plan designed to assist in paying for hospitalization expenses. With an average cost of $2,873 a day in a hospital, this insurance can help greatly.

Time to Start Helping Your Employees Save

In a work-from-home environment, it's important to acknowledge that your team's time and attention are limited. To effectively communicate open enrollment information, organizations must find ways to break through the clutter and capture their attention. This starts with digitizing the process. 

If your company is still using paper benefit brochures, it’s time to create a digital format that can be sent to hybrid/remote employees through email or online sharing programs. You can also host virtual webinars where you can communicate important information and employees can ask questions. By embracing digital solutions, you can enhance the efficiency of your employees' enrollment and prevent any progress if errors are detected.

Strategy 5: Continue to Make Adjustments

This only scratches the surface when it comes to the resources available to assist your employees in saving money. However, implementing these strategies can greatly benefit your employees and contribute to higher retention rates. If you’re looking for more tips and tricks for open enrollment, take a look here.