What Are Employees’ Best Health Insurance Options and How You Can Help Them
Jul 23, 2018 | Benefits Decision Support|
Open enrollment and choosing the right health insurance options can be one of the most stressful and daunting tasks for many employees. Open enrollment happens every year, and some employees still do not understand the process and experience lots of confusion during the process.
In many instances, employees dread open enrollment and often make the same health insurance choices from last year's open enrollment or seek the advice of coworkers, who may not know the right answers or what is best for the employee.
Studies from the Journal of Health Economics reveal that 86 percent of people do not know the meaning of deductible, copay, coinsurance or out-of-pocket maximums. However, it does not have to be that way in your company. Most companies want to enhance their employee’s health benefits selection by increasing options or making the open enrollment process less hectic and more comprehensible.
Many companies are using decision-support tools, like PLANselect®, which makes navigating options for health benefits easier and understandable. Offering decision-support tools for selecting health insurance plans can not only help employees, but also reduce health care cost for companies who use them.
What Are Decision-Support Tools?
A decision-support tool is an online enrollment platform created to help employees better understand their benefit needs and tolerance risk when selecting a health benefit plan or option.
Decision-support tools provide knowledge and support that help your employees make the right choices about health care options. They take the confusion and guesswork out of making a choice. They can ensure employees make accurate decisions with confidence regarding their health care plan and choices.
PLANselect is a benefits decision-support tool with a mission to help your employees compare and choose the best health benefit plan provided by their employer. Companies that use PLANselect see the advantages and rewards of offering this service to their employees.
What Are the Benefits?
It is essential that employees understand the selections they make and the consequences of those choices. In most cases, employees are stuck with the health insurance choices they make during open enrollment for one year, and they cannot make changes until the next open enrollment season. Making the right decision is paramount in getting the health care you and your family need now, and decision-support tools are beneficial to making the right choice. Other benefits include:
- Educating employees about health benefit options
- Guiding employees through the benefits election process
- Engaging and interacting with employees during open enrollment
- Offering employees 24/7 accessibility through desktop, tablet or other mobile devices
Today's employees are seeking multiple options in health plans, and decision-support tools can help employers deliver these options in a better and more informed manner that meets the needs of their employees. Using them for choosing health insurance options may help you retain employees. Employees who are happy with their health benefits are more likely to stay on the job and stay productive. Offering decision-support tools in health plan options for employees may be the right choice for your company.