Open enrollment: Financial planners share most asked questions

As an Benefits pros, one of the busiest times of your year is likely open enrollment. You’ve got employees asking you a thousand questions a day, from general FAQs like “what is an HDHP?” to more personal asks such as “which plan is right for me?” 

To offer one-on-one guidance at scale, many leading employers turn to financial well-being programs that offer access to Certified Financial Planner™ professionals. Having these experts on hand can help make personalized benefits decision assistance a breeze (and free up valuable time for your Benefit pros).

Wondering what employees are asking about this year? LearnLux shares the top 5 open enrollment questions employees are asking on financial planner calls, along with some helpful tips to consider this year.

Major life event

I’m planning for a major life event next year. How can I prepare during open enrollment?

Life outside of work is constantly changing for your team. Buying a home, getting married, having kids, planning for a major medical procedure,  major life events mean major updates to their benefits elections.

At a high level, employees know this. What they struggle with is understanding how to adjust their benefit elections based on these changes.

It could mean a different health insurance plan. One that’s a better fit in the upcoming year. It’s also the time to review life insurance coverage, make a basic estate plan, and complete a financial checkup.

See why open enrollment is overwhelming? The pressure to make the right choices ison the employee. To do it well, they need a game plan for winning at open enrollment.

Change plans

Should I change my health insurance plan this year?

Choosing health insurance isn’t always user-friendly. PPOs, HMOs, premiums, deductibles, co-pays, in-and-out of network coverage …

The process is full of jargon that confuses employees. Open enrollment is supposed to empower your team and help them make the best choices for themselves and their families.

To choose the right health insurance, employees need two things: education and personalized guidance. 

Without these, many will opt for the easiest solution (checking the same box as last year), instead of the best solution, which is finding the right plan for the year to come.

HSA & high deductible plan

Is an HSA and high deductible health plan the right move for me?

Health Savings Accounts (HSAs) are getting a lot of attention, but they aren’t for everyone. Employees need to be careful with this decision. 

Getting an HSA could mean big changes to their coverage and out-of-pocket costs. Plus, unlocking the full power of an HSA requires long-term planning. 

Did you know that employees can (and many should) invest a portion of their HSA dollars? Or that HSAs are one of the best ways to save for retirement?

Most employees don’t know this, but could learn through their financial well-being benefit’s digital education and guidance from trusted experts. 

Long-term goals

How can I find more ways to invest in my long-term goals?

A financial planner’s job is to help employees secure their wants and needs, now and in the future. That means having an emergency fund to cover a surprise medical bill, flat tire, or leaky roof without touching their 401k or going into credit card debt.

Open enrollment is the perfect time to remind employees to review their 401k options. Saving for retirement is likely one of your team’s biggest concerns. The only way to secure their wants and needs in the future is to make smart decisions today.

Benefits packet

Can you help me understand this giant Open Enrollment PDF?

Reading through a benefits packet can feel like studying for the bar exam. There’s a lot of confusing jargon, which doesn’t help employees make informed decisions.

With a modern financial wellbeing solution, experts are well-versed in each employer’s unique benefits offerings. In-house Certified Financial Planner™ professionals can act as an extension of your benefits team to walk employees through their options, one-on-one. Employees also love accessing custom benefits education that’s written in friendly language that they can understand. 

Because of the nature of open enrollment, the time period takes the stigma away from a topic that might make your employees feel otherwise uncomfortable or embarrassed. Even better, it adds urgency to an aspect of your employees’ lives that they might have been putting off for years. And lastly, it offers you the rare opportunity to gain quantifiable insight into what your employees do and don’t understand. 

Ready for some good news? With the use of tools and technology paired with Certified Financial Planner™ professionals, getting personalized financial and benefits guidance into your employee’s hands is easier than ever.

By helping employees feel financially empowered about the big benefits decisions ahead, you can drive positive outcomes in the next year and beyond.