‘A major appeal of voluntary benefits is the increased sophistication of #HRTech that can be used for payroll contributions, communications and enrollments.’ -Peter Marcia, @YouDecideCEO #HR
January 29, 2019 | By YouDecide CEO Peter Marcia – for The HCM Technology Report
Most benefits managers in the industry are exhaling a collective sigh of relief now that open enrollment is complete and the first deductions with the new benefit amounts have been applied without a hitch (we hope).
Now, ready or not, it’s time to start thinking about 2020 open enrollment. Escalating healthcare costs and increasing insurance gaps will again catapult voluntary benefits to the forefront.
Voluntary benefits help complement a total rewards plan and fill essential gaps caused by cuts in traditional benefit programs. As with core medical programs, employers can get better underwriting, pricing and plan designs than what an employee would typically find on the individual market. A major appeal of voluntary benefits is the increased sophistication of technology that can be used for payroll contributions, communications and enrollments.
During the 2019 open enrollment cycle, employers used technology in new ways to administer and communicate their voluntary benefits. We expect the “shift toward voluntary benefit delivery” to accelerate as carrier partners upgrade technology platforms, product portfolios, underwriting models, and communications methods to meet the needs of employers.