We know what you’re thinking. Open enrollment is over; it’s a chapter of the past and won’t creep up again for several more months. Why talk about it today?
The truth is open enrollment doesn’t have to be so chaotic. It doesn’t have to be a headache for employers, nor does it need to be a dreaded obstacle for employees. It can, in fact, be a simple, intuitive experience for everyone involved.
But to achieve that reality, the planning has to begin now. In 2018, we introduced Evive Plan Choice, our health-plan selection tool that supports people in choosing the most relevant, affordable plan for their circumstances. Not only does it save costs and help employers optimize future plan design, it leads to better benefits engagement as a whole because people end up enrolling in plans they’re more likely to use.
Let’s talk outcomes
For 2018-2019 open enrollment, nearly 63,000 people completed their plan selections using Plan Choice. Of that group, almost half switched from their current plan and chose the optimal plan suggested by Plan Choice.
The recent 2019-2020 open enrollment saw significantly more participants: 128,181 people used Plan Choice to make their plan decisions. This time around, 44% of the users chose the optimal plan for them. More specifically, 68,999 of the total users made an active switch in plans, rather than re-enrolling in the same plan as the previous year, and 27% of them chose the optimal plan. We found that for both enrollment periods, it only took around 3 minutes per person to complete their plan selection.
Plan Choice is cutting costs for employees and employers alike. In the 2018-2019 open-enrollment period, one large employer saw savings of more than $550 per employee who used Plan Choice, and each employee who switched to the optimal plan saved, on average, $1,355. In the 2019-2020 enrollment period, that same employer saved nearly $46 million as a result of the number of employees who switched to their optimal plan.
It wasn’t just about better costs, but also a more efficient annual-enrollment workflow and more confident decision-making.
Redefining open enrollment
No longer does open enrollment need to be a dreaded process that leaves employees confused and employers anxious about their healthcare spend. It can be something that makes sense for everyone, and that gets people closer to the right benefits and right healthcare for their families.
Learn more about Evive Plan Choice in this brief video: