Open Enrollment Metrics Report Template
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This post-open enrollment executive debrief template can help HR and benefits leaders secure their seat at the table by presenting a comprehensive view on open enrollment metrics.
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Open Enrollment Metrics Report Template
- 1. © 2020 Benefitfocus.com, Inc. Open Enrollment Metrics Report Template Secure your seat at the table with a comprehensive evaluation of OE.
- 2. How to Use this Template You invest time and hard work into your open enrollment strategy along with the multitude of activities it takes for it to be successful. The post-OE presentation to leadership is an opportunity for you to shift the perception of your team from transactional support to strategic partners within the company. Use this template as a guide for your next presentation to make sure you shine. Plus, check the notes field for helpful tips on each slide for tracking and reporting open enrollment metrics, so you can quantify initiatives, track progress toward your objectives and drive informed decision making. Get started now! © 2020 Benefitfocus.com, Inc.
- 4. Agenda <EXAMPLE> 1. Open Enrollment Objectives 2. Themes, Events & Communication 3. Open Enrollment Review & Benefit Comparisons 4. Financial Impact 5. Next Steps
- 5. Open Enrollment Objectives • Objective 1 <EXAMPLE>: Put in place a diverse set of programs, products and policies that allow our employees’ total well-being to thrive. • Objective 2 • Objective 3
- 6. Open Enrollment Themes, Events & Communication Theme: Showcase the total value of our benefits package by illustrating all the different aspects that support total well-being. Events: • Onsite Benefits Fair • Webinar(s) Communications: • Benefits Guide • Open Enrollment Highlights Video • Emails • Text Messages & Push Notifications
- 7. Open Enrollment Overview 1,000 Active Employees 10% Increase in HSA contributions 5% Increase in FSA contributions Plan Participation HDHP Premier HDHP Standard PPO Premier PPO Standard 89% Of employees made an active decision Enrollment on Mobile vs. Desktop: 55% / 45%
- 8. Active vs. Passive Enrollments Review YEAR> Active Enrollments • Medical, Dental & Vision • Consumer Driven Health Accounts • Financial Wellness Product • Voluntary Life Products <YEAR> Passive Enrollments • Identity Theft Insurance • Pet Insurance • Company Sponsored Benefits
- 9. Plan Enrollment Trends A year-over-year look at plan enrollment 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 2018 2019 2020 PPO Standard PPO Premier HDHP Standard HDHP Premier Observation 1 • Commentary Observation 2 • Commentary Observation 3 • Commentary
- 10. Core Benefit Plan Comparisons Trends in Medical, Dental and Vision Benefits % of Eligible Population Enrolled <YEAR> <YEAR> % Change Total Medical Plan Participation x% x% x% HDHP Participation x% x% x% Total Dental Plan Participation x% x% x% Total Vision Plan Participation x% x% x% Enrollment Tier Breakdown: • Employee Only = x% • Employee + Spouse = x% • Employee + Children = x% • Employee + Family = x% Observation 2 • Commentary Observation 3 • Commentary
- 11. Total HSA/FSA/HRA accounts 1,500 Employee and <COMPANY NAME> contributions $150,000
- 12. Consumer-Directed Healthcare Account Contributions Trends in enrollment & contributions towards tax-advantaged accounts Account Type % Participation (of those eligible) Average Contribution Amount Percent +/- in Avg. Contribution Amount HDHP + HSA (Individual) 90% $1,500 6.3%+ HDHP + HSA (Family) 95% $3,500 9.6%+ LP-FSA 65% $1,175 4.5%+ DCFSA 50% $3,500 1.7%+ Employees Maxing Out HSA • There was a x% increase in the number of associates maxing out their HSA accounts. HSA Contribution Increases • x% of employees increased their HSA contributions by an average of $xxx. Observation 3 • Commentary
- 13. Voluntary Benefit Plan Comparisons Trends in voluntary benefit enrollment over time % of Eligible Population Enrolled <YEAR> <YEAR> % Change Long-term Care x% x% x% Critical Illness x% x% x% Hospital Indemnity x% x% x% Financial Wellness x% x% x% Student Loan Assistance x% x% x% Identity Theft Plans x% x% x% Legal Plans x% x% x% Pet Insurance x% x% x%
- 14. Financial Impact for <COMPANY NAME> Positive financial results from OE success metrics OBJECTIVE METRIC IMPACT (Industry averages) POTENTIAL RESULTS HDHP Migration 15% increase Employee takes on higher cost-sharing $<> In savings per employee Dependent Verification Identified 8% ineligible dependents Removed ineligible dependents with annual claims costs at $3,500 $<> Overall cost savings Tobacco Cessation 25% of applicable population enrolled Anticipate x% reduction in claims $<> Cost savings for benefits plan Telemedicine 35% enrollment Anticipate x% reduction in outpatient visits $<> Cost savings for benefits plan EXAMPLE
- 15. Feedback & Learnings • Qualitative Data Sources: • Survey & Comments • HR/Benefits Inbox • Call Center • Learnings • Experience • Access • Other
- 16. Focus Areas for <ENTER YEAR> FOCUS AREA 1 • Describe any focus areas and how that will translate to strategy for the year to come. <EXAMPLE> ENCOURAGE HSA CONTRIBUTION INCREASES • HDHP enrollments increased; however, we did not see a complementary increase in HSA contributions, putting our employees at financial risk when having to cover a higher out-of-pocket expense to meet their deductible. We plan to launch a campaign around the triple tax benefits of an HSA along with holding quick webinars on how to maximize consumer-driven health savings accounts. <EXAMPLE> HIGHLIGHT STUDENT LOAN REFINANCING • We onboarded 100 new employees last year many of whom are Gen Z, bringing our total of Gen Z employees to more than half of our workforce. We anticipated higher adoption of our student loan refinancing benefit during enrollment; however, noticed that enrollment didn’t meet our expectations. We plan to run a featured campaign around this benefit over the month of May during graduation season, including emails, flyers and bringing the vendor onsite to meet with interested employees.
Editor's Notes
- Start out with a title slide that incorporates your company’s logo, colors and fonts so your presentation is on brand. Do you have branding specific to your benefits and wellness program? If so, make sure to include that here as well.
- Add an agenda to outline your presentation.
- Setup your meeting by establishing the objectives you set out at the beginning of your open enrollment planning. This will help to frame the conversation and tie back your successes to those objectives.
- Share details around the theme of your open enrollment as well as information on how employees were engaged with.
- Kick off the meeting by providing a high-level overview to your audience before getting into the details. Make sure to grab your audiences’ attention by showing them any key success metrics. Have success metrics that illustrate financial positive impacts for the organization or reinforce your efforts to build better healthcare consumers? Make sure to include those and call them out here.
- Make sure to highlight if there were any active enrollment choices that employees had to make. This will help showcase any positive trends in enrollments, especially around areas such as contributions to consumer-driven health accounts and adoption of voluntary products.
- Put your data in context by comparing it year-over-year. A line graph is a great way to clearly visualize trends in the data. To edit this graph, right click and select “Edit Data in Excel.” Add commentary on the right-hand side of the slide as you see fit.
- You can also put your data in context by comparing it year-over-year through a chart. This helps you easily articulate trends in the data as well as highlight any change. Providing observations can also help you point out important enrollment information that’s not conveyed through a chart. For example, outlining enrollment tier breakdown can arm you with insights around who you’re actually covering in your plan as well as help you when making decisions around spousal surcharges or increased cost sharing.
- Do you offer consumer directed healthcare accounts? Before you dive into the details, provide a high-level overview of total number of accounts and the combined contribution from both your employees and your business, reinforcing your efforts to build better healthcare consumers and ultimately driving positive financial impacts for your organization.
- Dive into the details of each consumer-directed healthcare account you offer to your workforce, including data around participation, average contribution amount and any (hopefully positive) changes in contribution amounts.
- We cannot assume that leadership understands how offering a variety of voluntary solutions has the added advantage of creating a more competitive benefits package while not costing the employer anything. Make sure to highlight your innovative benefits strategy and any trends in enrollment over time. Do you have any voluntary benefits that are seeing traction? Any new offerings based on previous years’ insights? Include them here.
- Drive home the overall financial impact your benefits and open enrollment strategy has had for your company. This strikes a chord with leadership and establishes the HR and benefits team as a partner and strategic leader within the company.
- Describe how you received feedback from employees on their open enrollment experience and any learnings that feedback may have provided around areas such as experience, access or other.
- The ultimate goal is to have employees who are empowered to utilize their benefit offerings so outline how you’ll use the data you collected to learn from it and use it to adjust your strategy moving forward. Use this slide to outline the areas you plan to focus on in the coming year.
- Leave time for questions to dive deeper into any of your findings.