Fall-ing into Open Enrollment
By Stacey Holder
Many of us are exhausted with the persistence of COVID-19. Will we or won’t we see a final decrease in numbers and a vaccine in the near future? Despite these circumstances, companies are at the point where they must have a game plan when it comes to open enrollment. Stephen Miller (CEBS) shares, “Most companies schedule open enrollment to end a few weeks before enrollment forms must be submitted to benefit providers. For calendar-year benefit plans starting Jan. 1, open enrollment often takes place in November.” While we are ready to put 2020 behind us, if you haven’t thought about your open enrollment now is a good time to start planning. With many employees juggling working at home, online school, or daycare challenges, giving your employees more time to select their benefits for 2021 can help eliminate some stress, even just a little.
When considering open enrollment at your company, keep in mind the additional benefit eligibility for some employees who this year and next, may fall into a new age category. The deadline of October 14, 2020, is fast approaching for employers to disclose information regarding Medicare Part D-Creditable Coverage Disclosure to Medicare.
Stay abreast of any changes under the CARES Act that may also be applicable to your employees. If your company offers Flexible Spending programs, you may adopt the grace period that will allow your employees to make mid-year changes to their enrollment options. The CARES Act also provides for a $50 increase in the amount that can be rolled over into the new plan year to $550.
SHRM provides an abundance of valuable information to help prepare for open enrollment especially during this pandemic. For example, it is crucial to plan ahead, communicate the upcoming changes often, and to communicate how the information will be shared with employees. Jay P. Turner (2020) provides a variety of options to “improve the employee experience and help employers realize the true value of the investment they are making in employee benefits.”
Please reach out to JLM HR Consulting for more information on how to prepare for the Open Enrollment season and for the Medicare Part D Notice of Creditable/Non-Creditable Coverage. Visit our website at www.jlm-hrconsulting.com or give us a call at 204-408-5071!
Additional Resources:
https://learn.hellofurther.com/Landing_Pages/COVID-19_Frequently_Asked_Questions
https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/open-enrollment-benefits-guide.aspx
https://www.shrm.org/ResourcesAndTools/hr-topics/benefits/Pages/viewpoint-tips-for-conducting-open-enrollment-during-a-pandemic.aspx