The enrollment period is a daunting time for both employers and employees; it is a lot of work for companies and can be a confusing process for workers. For instance, if you have 500 employees and offer 10 benefit plans with several documents correlated to each plan, you may be sifting through as many as 20,000 documents during open enrollment. However, by using technology-based enrollment, you can save time and money, make the process more efficient and user-friendly for your HR department and your employees.
Benefits of Technology-based Enrollment
- Every step of the benefits management process is automated, eliminating the need for paper-based processes and improving efficiency and accuracy.
- Online enrollment lowers the overall cost of providing services to your employees by eliminating the costs of distributing and collecting paper enrollment packets.
- Online enrollment shortens the enrollment cycle.
- Online enrollment enables employees to self-enroll in benefit programs, review their benefit data and report life event changes.
- Employees can choose plans based on eligibility criteria and can compare costs and coverage of previous elections against new offerings.
- Elections can be automatically applied to employee records.
- Employees receive written confirmations detailing their elections.
- Employees can easily view and update their records and plans.
- HR can check the status of enrollment in real time and may be able to generate detailed reports regarding the cost of employee benefits.