You Know You Can Still Take Advantage of Benefits Outside of Open Enrollment?
Nationally, the open enrollment period for the Affordable Care Act this year is from November 1st, 2020 to December 15th, 2020. This is the time period where Americans can shop around in the marketplace for new healthcare, dental, and vision plans.
Around this same time, you and most other employers likely held your own open enrollment period that expanded beyond healthcare and provided insight into the other great benefits you offer.
What is involved with open enrollment?
This time is used for your employees to review changes to their coverages for the upcoming year and any changes to the costs for those coverages. The covered benefits your employees could be making changes to could include, but not be limited to:
- Health, dental, and vision
- Retirement plans
- Small-dollar loan programs
- Salary advance programs
- Student loan assistance
This year’s open enrollment likely looked different than others as most of these benefits fairs have gone virtual. Read more about some of our tips/tricks for a virtual open enrollment here.
One of the things that causes a lot of anxiety around open enrollment is that while it usually spans 1-2 months for your employees to make decisions, it also flies by and leaves some employees feeling like they’ve missed out on crucial opportunities.
Considering these fairs aren’t in-person anymore, the pressure is really on your employees to join virtually, ask the right questions, and speak up. The nature of benefits this year is leading to many questions and concerns, such as those below:
My open enrollment period is over so there’s nothing I can do now…
Truthfully, this is a very limited way of thinking. One of the best ways to help your employees and listen to their needs is to ask for feedback after open enrollment. Questions such as:
- Was the information easy to understand and digest?
- Did you find everything you were looking for?
- What information did you find the most useful?
- Is there any benefit that you wished you would have seen showcased?
- What can our HR department do to best support you?
Incorporating employee feedback not only shows you care about your employees, but it also shows you value their input and make decisions based on their needs. It is never too late to be thinking about benefits and how they can be best suited for your workforce.
Are there benefits that can be implemented at any time?
While the open enrollment period for your organization may be over, it doesn’t mean you can’t still offer and incorporate new benefits for your employees. One benefit that is extremely important and useful for your employees today is a small-dollar loan program.
You may be wondering why this is so important.
Everyone deserves financial stability. Credit policies are only getting tighter and employee credit scores seem to be going down. This is causing many Americans to feel left out when it comes to traditional options for loans.
With TrueConnect, there is an option for everyone, especially those that have been historically rejected due to past financial history.
Some of the benefits of TrueConnect for you, the employer, are:
- No cost/PEPM
- Easy implementation for HR and Payroll teams
- Fully automated programs
- More engaged employees
- Increased participation in your other offered benefits
And some benefits of TrueConnect for borrowers, your employees, are:
- No credit check loan options
- Repayment through payroll deduction
- Opportunity to build credit (all repayments are reported to all three credit bureaus)
- Trusted banking partners (all FDIC insured)
- Confidential and anonymous online portal
Here’s what some of our TrueConnect loan borrowers have had to say…
Fast, Friendly, & Convenient
“It took very little time to complete the online application. Within a day the money was in my account. It’s so convenient not even having to make the payments. My employer takes the payment directly from my payroll before it ever hits my hand. It’s a great way to build your credit with a guarantee of on-time payment each month.”
Helping me rebuild my credit…
“TrueConnect made it easy for me to access money when I desperately needed it. I didn’t have to worry about my credit history or a denial letter. They take my payments directly from my paycheck for peace of mind for me and it’s helping me rebuild my credit.”
Perfect expense resolution
“Very easy to request and process the loan. The loan helped me get through an unanticipated car expense before the holidays and I was able to pay it off early in February once I had received my tax refund. I was pleased with the loan closeout process too. Will definitely use again if in an emergency / short-term loan situation.”
“My experience with TrueConnect has been simply amazing!! I was introduced to their services through my employer. I have had 3 loans and each time the service was fast, friendly, and professional! I’ve always had a feeling of being treated like “family”. Each time I applied, I was immediately approved and funds were deposited into my account the next business day! Not only that, the interest rate is extremely reasonable! I don’t even miss it on my paycheck! This service also helps to build/establish a credit reporting history which is great since it does not require a credit check! I would recommend TrueConnect to EVERYONE! They have definitely helped when I needed them the most!!”
To learn more about our patented financial wellness program with no credit check loans that cost employers nothing to implement and manage, contact TrueConnect today.