Writing a Good Job Rejection Letter. Have questions about managing your own 401K? Other qualifying life events that would make an employee eligible for SEP can include: If an employee experiences a decrease in income, they may be eligible to apply for health coverage through the government's Medicaid and Children's Health Insurance Program (CHIP). Don't leave your elections for the last minute as that can make you rush the process and leave you more susceptible to mistakes. Asking for employee feedback: Employees can be a great resource for offering suggestions about the best ways to structure benefits enrollment to ensure maximum participation. Like Every Letter, You Need To Start By Addressing Your Staff. Drafting A Sample Email Most employees receive a flood of work-related emails every single day. Why? Open Enrollment Email to Employees (Templates). Coby now serves as the Senior Vice President of FBS managing a team of sales, marketing, and client implementation personnel. In reviewing the following information, you are taking the first step toward securing your. Please log into our benefits portal to make elections, update your contact information, and make any status changes. Sample 4: Formal absent excuse letter due to an emergency. HR managers should be prepared to address the common employee question "What is a special enrollment period?" As an employer, you may be faced with administrative burdens and unhappy or unproductive employees. There are benefit fairs, promotional material, and banners on the company website. Privacy Policy The open enrollment survey questions you ask largely will depend on the goals you are trying to measure. Brian has spearheaded branding and media communications at FBS and leads the Marketing Department as the Marketing Manager. TO: Department Benefit Representatives (DBR's), FR:Tami Schmittgen, HR Leave Administration, Supervisor, RE: 2022 Open Enrollment communications to employees on leave of absence. The UCPath Center mailed an Open Enrollment notice and Open Enrollment Form to employees who were on an unpaid leave of absence as of September 30, 2021. If you have not defined any specific goals, then start by focusing on the enrollment experience as a whole, for example what did your employees like and what do they want to be different for next year. If an employee missed open enrollment at work, they are generally no longer eligible to sign up for benefits unless one of a few special exceptions applies. Were sharing some sample 401K communication to employees that you can use to get your message across. Drafting an open enrollment email is not a daunting task. 1.) var currentUrl = window.location.href.toLowerCase(); Missing open enrollment can be a costly mistake for employees, so employers should take adequate steps to help their employees through the enrollment process. After open enrollment ends, you can only make changes to your elections if you've experienced a qualifying life event. Not great for Dave! In order to offset any decrease in morale, it is important that you provide opportunities for the employee to meet with HR or to attend informational meetings that discuss his or her options to obtain coverage for the next year. Have an upbeat message to let employees know this is a positive engagement. Employers that are applicable large employers (ALEs) under the Affordable Care Act (ACA) may have additional concerns. Your employer is not legally obligated to allow you to make changes to your elections after the open enrollment period has ended. ), Subject line: Lets get smarter about 401K savings. Missing open enrollment means limited options, but here a few situations to consider: Qualifying Life Event: An employee may be in luck if they have a qualifying event coming up. When employees miss open enrollment and lose health coverage, this can add financial and emotional burdens that may affect their health, well-being, and productivity at work. Sample 3: Letter of permission for missing work due to an important matter. In order to ensure that none of our employees in this status were missed by the cutoff date,HR Leave Administration will email an Open Enrollment reminder this week to allemployees currently on a leave of absence regardless of pay status. Thank you for visiting theFSAstore.com Learning Center. Copyright 2023 The Regents of the University of California. Sample 401K Communication to Employees. . Here's our employee furlough letter sample: Dear [ employee_name ], I'm sorry to inform you that your position will be put temporarily on furlough due to urgent business conditions, from [ date] to [ date ]. A special enrollment period is a designated time outside of the standard open enrollment period for employees to change or update their insurance plan elections that are granted when the employee experiences a qualifying life event. Now What? money left over after basic living expenses are covered. Use this opportunity to set your finances up for your best 2020. 4 out of 5 can find a marketplace plan for $10 or less a month with cost assistance! For that time frame, announcements would go out in the middle of September. We endeavor to answer all inquiries within 24 hours on business days. You want to provide employees with essential information about the upcoming benefits period that is engaging. Capture employees attention with benefits messages that stick. Communicating potential consequences to employees will encourage them to take the open enrollment deadline more seriously. SHRM's HR Knowledge Advisors offer guidance and resources to assist members with their HR inquiries. FBS Blog He currently serves as the benefit consultant for several of the FBS Benefit Co-Operatives and many standalone school districts. Request a consultation, so we discuss your payroll management and HR optimization needs. Please review the information . To apply for benefits and verify eligibility, individuals should complete the online screener application. Its their opportunity to enroll or make changes to their employee benefits. Relocation - Moving won't always affect your eligibility, but sometimes moving to a new home address or a new work site can, especially if it's in a new state with different regulations. You want to give your employer time to reassign any of your tasks. He is a graduate of Texas Tech University holds many different licenses in the insurance industry including the Insurance Counselors License through the Texas Department of Insurance. Here are a few different scenarios you might find yourself in, and some advice for how to approach your 401K. New Jersey Secure Choice Savings Program on the Horizon for Private Employers, How to Use HR Metrics to Improve Your Bottom Line. There are simple steps employers can take to ensure a successful open enrollment period. If the employee does not make an election in the required time frame the Plan Document calls for a default position to take effect in lieu of the election. Heres what this kind of targeted advice might look like in an email you send to your workforce. Emails are essential for company-wide communication because every employee gets assigned a company email when hired. For an employee, missing this vital deadline can mean losing coverage, or being unable to change benefits elections, which can have a significant financial impact on the employee. Written by Cathy has been in the insurance industry for 28 years. You can get your own copy here. In order to ensure that their businesses will not face any penalties, many ALEs should document that coverage has been offered. To learn more, schedule a consultation with one of our knowledgeable business advisors. In fact, the terms of your benefits plans may prohibit you from making exceptions for employees who do not make benefits elections within a certain time periodsuch as before the new plan year begins. (A version of this article appeared in Plan Sponsor magazine in February 2018.). You can also take an email communication and post it to the employee portal on your website. The email is simply an introduction. This option is designed to provide temporary coverage in case of emergency health situations until the employee can regain permanent health insurance. SHRM Online, September 2016. Be sure to include these details in your letter. At many organizations, the open enrollment season for 2020 employer-sponsored benefits is under way or about to begin. Missing open enrollment means limited options, but here a few situations to consider: If an employee misses open enrollment, its important that HR first respond with empathy and understanding. As HR representatives address open. Each year host a debriefing session to understand what worked and how to improve open enrollment the following year. 4 in 10 employees who are able to save for retirement are now saving less as they continue to face financial hardships. The IRS states that a qualifying event must have an impact on your insurance needs or change what health insurance plans that you qualify for. Provide information in a wide variety of ways including: Ask your employees if they like the way information is being provided, if they would prefer information be distributed in different ways, or if they have questions that have yet to be answered. In. But it will show that you have their best interests in mindwhich, when it comes to creating change, is half the battle. Why? Despite your own best efforts to communicate important information and deadlines, you may have employees who dont successfully enroll on time. Members may download one copy of our sample forms and templates for your personal use within your organization. In either case, the qualifying life event would trigger a special enrollment period that would make you eligible to select a new individual insurance policy through the state marketplace. Paychex was founded over four decades ago to relieve the complexity of running a business and make our clients' lives easier, so they can focus on what matters most. Your Employee Missed Open Enrollment for Health Insurance. If a company operates based on the fiscal year, the ideal open enrollment time frame would be in October. My enrollment period at my job is in July and I missed it last year without being aware. What Is the Pregnant Workers Fairness Act (PWFA). Keep in mind, though, that employees must make changes to their flexible spending accounts or health savings accounts each year. Open with an engaging subject line and immediately set a positive tone. We are available 24 hours a day / 7 days a week. By incorporating the mission of the university and the code of conduct, we believe strong communication will enhance understanding and foster positive work environments. Changes made at open enrollment are effective January 1, 2023. Think about it your employees are a unique set of people with their own needs, life circumstances and goals. var currentLocation = getCookie("SHRM_Core_CurrentUser_LocationID"); allsynx Platform Agreement The portal can also include a count-down counter to encourage employees to enroll. The good news is that were here for you every step of the way! Heres what you need to do to get started now! document.head.append(temp_style); You may be trying to access this site from a secured browser on the server. Between having multiple options, confusing plan descriptions, debating voluntary benefits and tight open enrollment deadlines, it's pretty easy to see how things might get confused. Here are a few tips to make OE emails engaging and drive participation. Deadlines are vital when it comes to open enrollment. Please purchase a SHRM membership before saving bookmarks. Pretty good! Weve got some exciting options this year so be prepared to make changes! Keep your health in check } Welcome to Open Enrollment! By incorporating the mission of the university and the code of conduct, we believe strong communication will enhance understanding and foster positive work environments. 2023 Open Enrollment Obamacare Health Plans Find 2023 health plans. If you are concerned about complying with ACA in any regard, please contact us to discuss one of our many options to help. document.getElementById( "ak_js_3" ).setAttribute( "value", ( new Date() ).getTime() ); Give us a ring, send an email, or fill out the form below. In your hook, you want to get employees ready for open enrollment. Partnering with a respected third-party administrator is a great way to help educate your employees on their benefits and help make sure they get the most out of the open enrollment experience. The dates give your human resources department time to process and review employee elections and send them to the benefits providers. In this article, we will focus on the importance of sending an open enrollment email to employees. She encourages employees to ask themselves the following questions to be sure they are making the best choices for themselves and their families during the year ahead: "If you answered 'yes' or you're not sure about the answers to these questions now is the perfect time to revisit your benefits. And missing the deadline can have serious consequences for your employeesincluding loss of coverage or the inability to change coverage options. Its equally important to understand why they missed the deadline and help them avoid the same mistake in the future. Hi team, Putting money away for your retirement is important, but how important depends on the financial . Well, in an ideal world, youd be able to pair up every one of your employees with a savvy and charming financial guru who could look at their unique financial situation, and give tailored recommendations on how they should be spending their free dollarsi.e. Were one day away from open enrollment! Jellyvision acquires Picwell to simplify the employee benefits puzzle! Qualifying life events can be circumstances that change an employee's status for benefits, such as changing the number of individuals in the household who are covered under a benefits plan. Most companies operate on a calendar fiscal year. In the same way 401(k)s use automated deposits to make retirement savings easy for employees, mobile apps likeAcorns,Robinhood,Stash,DigitsandTallyuse automation to help people build emergency savings funds, pay down credit card debt, and invest in smart, manageable, and automatic ways. Flex-Ed: Mistakes During Open Enrollment Can You Change Elections? The ConnectorCare program in Massachusetts (for people who are newly eligible or who haven't enrolled before). ACA Compliance, Medical Consulting Dear Employee, The School District's Health Insurance open enrollment period for the INSERT year will begin on INSERT DATE. Reach out to our team any time to chat! It starts valuable dialog on whats being offered and how to take advantage of it. Why? Announce your benefits portal and upcoming benefits fairs. But why stop there? Do I anticipate any new expenses next year that might change my current elections? Subject Line: Lets Talk Benefits! HR teams can send additional reminders to those employees and follow up with them individually so they dont miss the deadline. Many companies find communications difficult to manage during this time and participation is frequently low. Employees digest information in different ways. Remote employment has become popular in the past few years, with more employers opting for this new way of doing things. Category. The attachments can include: Getting essential information to employees is vital but shouldnt overwhelm the employee. As Billing Manager, she assists in the day to day accounting processing for her team and is available to handle any escalated billing matters. HR is still the caretaker of company culture, even when administering benefits. } The only exception to these terms is if an employee qualifies for a special enrollment period (SEP). In order to ensure that your employees are able to make the most out of the open enrollment period and the benefits your company provides, you should take an active role during open enrollment. HR reps, the AICPA advised, could share this message with employees: "By just staying the course without reviewing all the options available, you could be missing crucial opportunities to saveor worse, choose a plan that doesn't properly cover your family's health care needs. Find the latest news and members-only resources that can help employers navigate in an uncertain economy. So, if you find yourself surprised by a premium increase come January, you won't be able to change coverage. Kyle was hired by FBS as one of our first benefit consultants in 2001 and became the President of the company in 2005. Did the employee miss open enrollment because of. But since he has high-interest credit card debt, Greg probably shouldnt contribute any more money to his 401Kbeyondthe match until his debt is repaid. Here are a few ideas: Also consider other help emails that explain the process in greater detail. Standalone Consulting Agreement Health Insurance Renewal Sample Letter to Employees By Mary Gormandy White, M.A., SHRM-SCP, SPHR YinYang / iStock via Getty Images If it's time for your company's group health plan to renew, it's advisable to notify your employees about the new plan options in writing. Legally, no. ), Example #2: Dave, Who Has No Emergency Fund. I know how much you loved working there.". This will give you the ability to answer any lingering questions from employees and build in extra time for those who are apt to miss deadlines, without placing any extra burdens on your HR team.. Only about one-third of employees (34 percent) have a . This site is protected by reCAPTCHA and Google, Minimum of 1 special character ($%/()[]{}=? Short-term insurance is a plan that provides health insurance for 30-364 days (depending on your state) to act as a stopgap when there is a lapse in longer health coverage. $(document).ready(function () { Employee satisfaction is one of the most important avenues toward greater productivity and business growth. Format for absence excuse letter. For exactly that reason, its important to make sure you go beyond encouraging higher and higher 401(k) contributions (which only some employees can manage) and, instead meet your entire workforce where it iswith more empathetic, targeted, holistic financial guidance. Ensure they know exactly what theyre supposed to do next. But most advisors suggest putting away 15-20% of your paycheck if you can. 360 Degrees of Financial Literacy program by the American Institute of CPAs (AICPA) is urging employees to carefully review their family's financial situation and insurance options to pick the best coverage plan for their household. Open enrollment begins [DATE] and closes [DATE]. Open Enrollment is your annual opportunity to review your benefit plan options and make . The official dates are [DATE] to [DATE]. Everything You Need Is Inside! We can help you tackle business challenges like these. Get the cold and allergy relief you deserve. As an Account Executive, she was a key team member on the TRS-ActiveCare account from its inception through the duration of the contract. If youre truly invested in helping your employees not only plan for retirement, but also create savings and dig out of debt, offer education in the moments that matter: Reiterate your 401K messaging whenever employees get a raise, bonus, or promotion. Since Greg has an emergency fund in place, it makes sense for him to fund his 401K until his employer match is reached. HR teams in larger companies may even conduct special meetings or hold benefits fairs, all designed to help employees understand their benefits options so they can make informed decisions. "There are many factors, both in a benefits plan and in one's personal life, that can change every year. He writes about HR, compliance, and benefits solutions. While just keeping whatever health coverage they had this year is tempting for employees, doing so may come with a substantial financial downside. Close the email out by reminding employees of the importance of benefits enrollment. And because theres a limited amount of time to make these important decisions, it can be a confusing (and often overwhelming) experience for employers and employees alike. All you have to do to make changes to your benefits is to log into the online portal and make any changes. Subject line: Let's get smarter about 401K savings. Remind your employees about these resources regularly by highlighting a single resource every month. Employers can also gather status updates during the open enrollment period to view which employees have not completed enrollment. So, for Joan, it makes sense to fund her 401K up to the company match and beyond, as much as she can afford. Your teams should start strategizing well before the announcement for open enrollment. Open enrollment begins one month from now, beginning [DATE] until [DATE]. Its recommended the announcement email should go out two weeks before benefits packages are made available to all employees. For [current year], we are maintaining [describe plan types] and have made the following changes: [describe plan changes]. Putting money away for your retirement is important, but how important depends on the financial boat youre in. Ready to spend? Now is the time to review your current benefits and prepare to make changes, if needed. Your teams need ample time for payroll processing. These waivers also protect an employee's ability to immediately enroll for benefits if they lose coverage from an outside health plan, such as a spouse's employer. The only exception to these terms is if an employee qualifies for a special enrollment period (SEP). Please let us know if you have questions! ** ALL OPTION CHANGES WILL BECOME EFFECTIVE JANUARY 1, 2020** The period from DECEMBER 11, 2019 through JANUARY 10, 2020 has been designated as the Annual Open Enrollment period during which employees who desire to change their health and/or dental insurance Theres no better time to talk about what to do with your free dollars than when an employee has just landed more free dollars, courtesy of payroll. Employees who experience qualifying life-changing events (such as getting married, divorced or legally separated, having or adopting a child, or moving to a new residence or work location that affects benefits eligibility) are eligible to enroll in or make changes to their benefits elections outside of the open enrollment period. The benefits open enrollment period is typically the only point during the year in which your employees can make changes to their benefit electionsincluding adding or dropping coverage or dependents, switching plans, or even enrolling in benefits for the first time. For Workers and Families For Employers and Advisers If you've lost your job, had your hours reduced, or experienced other qualifying events there are options available to workers and their families to maintain health coverage, including the Consolidated Omnibus Budget Reconciliation Act, or COBRA. Although many of these suggestions are not legal requirements, it is in your best interest to take these steps in order to protect your business and its productivity. 1 NOTICE TO ALL EMPLOYEES - 2020 ANNUAL OPEN ENROLLMENT PERIOD FOR OPTION CHANGES IN HEALTH AND DENTAL INSURANCE PLAN COVERAGE. Open enrollment consumes a large amount of HR's time and energy, making it nearly impossible to forget about. Pick A Theme Lose the stiff, corporate lingo and put a little fun back into open enrollment. By checking out as a Returning Customer or Guest, you agree that you have read, understand and agree to the, Aura Revive Heated Deep Muscle Pain Relief Device, Caring Mill by Aura Full Body Analysis Scale, Caring Mill by Aura: Ease Migraine and Eye Reliever with Compression and Heat, American Red Cross Deluxe Family First Aid Kit, Sharper Image Calming Heat Massaging Weighted Heating Pad, 12 x 24, 4 lbs, Aura Revroll Vibrating + Heat Foam Roller, dpl IIa Professional Acne Treatment Light Therapy, Aura Sleek Callus, Corn and Ingrown Toe Nail Remover, Sharper Image Calming Heat XXL-Wide Massaging Weighted Heating Pad, 12 Setting, 5lbs, FSA Perks Official Rules, Terms & Conditions. To request permission for specific items, click on the reuse permissions button on the page where you find the item. COBRA Service Agreement, Benefits Consulting Demonstrating to your employees that their needs are important to you will instill high employee morale, and ensuring that you have done all that you were required to do in regards to ACA regulations will protect your business in the event that an employee misses the open enrollment deadline. Benefit Cooperatives Consider creating an email template. Web here is the sample letter of the annual bonus letter to the employees. }); if($('.container-footer').length > 1){ As HR representatives address open enrollment meetings, speak with employees one-on-one and send out enrollment reminders, they can use these pointers to help employees make smart decisions. She and her team will provide the district with monthly billing services. Please let us know if you have questions by replying to this email! At this point, there is not much more that you can do for him or her unless he or she qualifies for an SEP. Karen Frost, health strategy and solutions leader at Alight Solutions, a benefit administration company, offered these pointers to HR benefit managers for open enrollment and throughout the year: Employers Enhance Emotional and Mental Health Benefits for 2020, You will not be subject to this penalty if you have offered appropriate coverage to employees, regardless of whether they enrolled in coverage. (Feel free to copy-pastewe wont tell. Employees who experience qualifying life-changing events (such as getting married, divorced or legally separated, having or adopting a child, or moving to a new residence or work location that affects benefits eligibility) are eligible to enroll in or make changes to their benefits elections outside of the open enrollment period. Short-term coverage is typically cheaper than traditional health plans, but only relatively healthy individuals will qualify. To learn more, schedule a consultation with one of our knowledgeable business advisors. The information may not reflect the most current legal developments, may be changed without notice and is not guaranteed to be complete, correct, or up-to-date. Sending out the open enrollment email to employees is just the first step. (Feel free to copy-pastewe won't tell.) But employees are also balancing their workload, home life, childcare, and the holidaysall while trying to stay safe and healthy during a global pandemic that's been hard to predict. If you experience one of these life events, you'll want to get in touch with your FSA administrator within 30 days of the event to find out if you are eligible to make changes to your plan. And there is a tool that can make that happen. For Dave, it would make more sense to set money aside for that before he puts money into his 401K, even if his company offers a match. Open enrollment is an annual window when you can enroll in health coverage, switch to a different plan, or drop your coverage (that last point is only applicable if you have an employer-sponsored plan; self-purchased individual/family plans can be dropped at any time). Copyright 2023 Financial Benefit Services: Employee Benefit Solutions. If youre encouragingallyour employees to putas much as they caninto their 401(k), I hate to break it to you, but you may be causing more harm than good. If an employee misses open enrollment, its important that HR first respond with empathy and understanding. Here are some points you can (and should) include: Be Concise, and Swift. Its a good idea to create simple and comprehensive policies and procedures so youre prepared in the event of an SEP. Applicable large employers (ALEs) under the Affordable Care Act (ACA) may have additional concerns. As the Director of Client Services at FBS, Cathy oversees the Billing, Clent Service, and Account Executive teams and is available to assist in escalated matters, if necessary. He is a graduate of Texas Tech University with a Degree in Education. 75082. Here are the key components of the email. The most common option for employees who missed the 30-day enrollment period is simply to wait until the next enrollment period to register for benefits. This is the time for you to [Instructions], Were excited to bring you [Detail plan options and info]. This can cause important ones like open enrollment to fall through the cracks or simply be skimmed so they can move on to the next thing. He just cant beat a 100% return on his money. Learn how SHRM Certification can accelerate your career growth by earning a SHRM-CP or SHRM-SCP. What Happens If an Employee Misses Open Enrollment? Personalized enrollment support, available virtually 24/7, Save time while supporting employees with Chat, Smart Tips, and Reminders. (800) 583-6908 Be sure to check your state laws. So, open enrollment can easily pass some by. These include: Since there is little wiggle room with open enrollment deadlines, employers should focus on preventing employees from missing the annual deadline. Be sure to communicate the time period with employees. The IRS and FSA administrators understand that life changes and that you may need to make adjustments to your elections to accommodate for those changes.
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