New Opportunities for Open Enrollment from COVID-19: Are They on Your List?

business woman with checklist

Whether Open Enrollment is just around the corner for your organization or you have a few more months to go, it’s never too early to assess your offerings.

This year, preparing a well-rounded and effective benefits package is more important than ever. COVID-19 has undoubtedly made its mark on your business and your people, shifting focus and changing priorities -- including which benefits are most impactful.

COVID-19 has presented new opportunities

The COVID-19 pandemic caused changes that affected people’s entire lives, from their work arrangements, social lives, mental and emotional wellbeing and even financial situations. Such a foundational shift caused employees to reprioritize their needs and employers to pivot in addressing them

For example, employees are looking for more comprehensive ways to care for themselves and their loved ones in the case of a medical or financial emergency. On the other hand, employers are looking for ways to streamline benefits administration to better accommodate a workforce that has grown accustomed to remote and hybrid work styles.

This created a key opportunity for employers to revamp their benefits package to better align with new priorities and streamline how they are delivered. By carefully curating benefits and presenting them through an automated, easy-to-use platform, you can use this opportunity to transform the role of benefits in your organization.

Seizing the opportunity: the benefits to add to your list

As Open Enrollment approaches, you’ll want to make sure you have these employee benefits on your list. And while some of these may be existing offerings in your organization, presenting them at a new angle to show how they align with new priorities can help increase engagement.

Health Savings Account (HSA) - Not only do HSAs provide tax-advantaged funds for unexpected health expenses, they also provide a tax-free investment account for saving for retirement and tax-free advances like accelerated funding. These options ensure your employees are financially ready for whatever comes their way - now or in the future

Flexible Spending Account (FSA) - With recent additions to FSA eligibility, including menstrual care products and supplies related to COVID-19, FSAs are a great way for employees to buy the things they already need while racking up significant savings.

Dependent Care Account (DCA) - DCAs allow your employees to provide care for their families, which has become even more of a concern in the wake of school and care facility closures that shook up family routines for most of 2020.

Health Reimbursement Account (HRA) - An HRA is a great way to reduce your employees’ financial stress around the cost of healthcare, especially high-cost or unexpected incidents.

Commuter Benefits - For employees who have grown accustomed to working from home, a benefit that offers tax-free funding of commuter costs may ease anxiety around going back to the office.

Wellness Rewards - Rewarding your employees for healthy lifestyle choices like getting their COVID-19 vaccination not only incentivizes a healthier workplace, it lets your employees know that health, safety and wellness are top priorities for your company.

One simply smarter platform for all these benefits (and more)

The most efficient way to offer all of these benefits -- and more -- to your employees is to utilize a comprehensive suite of programs and tools. Having one intuitive platform makes it easy to administer benefits for you, and gives your employees a stress-free benefits selection and enrollment process.

To learn more about the Clarity Benefit Solutions platform that’s powered by intuitive technology and backed by unparalleled support, include Clarity in your Open Enrollment planning. Contact us to get started.