Open enrollment season is an important time of year for both employees and employers. As employees review their benefit options, they’re reflecting on how the decisions they make will affect their overall financial wellness—now and in the future. Employers have an opportunity to connect employees with the right resources during this time, which can strengthen employee well-being, improve retention, and increase satisfaction.
Here are five ways employers can help support employee financial wellness during open enrollment.
- Encourage Preventive Care
Employees who use preventive care benefits for medical, dental, and vision exams are protecting their health and their wallets. Early detection helps avoid the higher costs of untreated issues down the road. Employers can take a proactive approach to communication, reminding employees to schedule appointments and ensure preventive care doesn’t get lost in the shuffle of daily work.
- Promote Flexible Spending Accounts
Many employees will reach the end of the year with unused money in their flexible spending accounts (FSA’s). Employers can help by providing tools and reminders, such as a planning guide to outline expenses or an educational webinar to boost participation and reduce confusion. Encourage employees to plan their elective procedures, over-the-counter purchases, and non-covered dental or vision expenses to maximize the use of their FSA benefits.
- Highlight Value-Added Benefits
Some benefit plans, including Delta Dental and DeltaVision, offer additional benefits based on specific health conditions or exclusive discounts. These value-added features can provide some financial relief, but employees may overlook them. Employers should highlight these features and provide easy-to-access resources, so workers can tap into the full value of their benefits package.
- Facilitate Retirement Education
Open enrollment is an ideal time to connect employees with educational resources on retirement planning. Host a workshop with your retirement plan provider or offer one-on-one consultations to spark engagement, particularly with younger employees who may be hesitant to participate. By supporting retirement planning now, you’ll help employees build long-term financial stability.
- Emphasize Your Full Range of Benefits
Employers often provide benefits beyond health insurance coverage. Use open enrollment to remind employees of all that’s available to them and encourage them to learn more. A “total reward” approach that highlights both traditional and lesser-known benefits demonstrates to employees how much your organization invests in their overall well-being.
During open enrollment, employers should equip employees to make informed decisions that can strengthen their overall financial health. When you clearly communicate benefits, offer educational opportunities, and create space for proactive planning, you show that you’re a true partner in your employees’ well-being.
Take a closer look at some of the benefits Delta Dental offers that support the health and well-being of employees.
