Open enrollment season has officially begun. The period from Nov. 1 through Jan. 15, 2023, marks the busiest time of year for many HR leaders and business owners.
According to a report on a survey of small business owners, “A large majority (87%) said they manage employee benefits on their own, spending an average of 1.6 hours per week on benefits administration. During open enrollment, employers say they spend about 8 hours managing the enrollment process.”
The onset of open enrollment season is also the time many organizations are receiving their employee health plan renewals. Health benefits costs rise each year, but the expected increase for 2023 will be higher than average. According to SHRM, “The average costs that U.S. employers pay for their employees’ healthcare will increase 6.5% to more than $13,800 per employee in 2023, up from $13,020 per employee in 2022.”
Open enrollment is an ideal time for a reevaluation of health benefits administration strategies. If your organization wants to mitigate health benefits costs while still offering robust benefits in a tight labor market, partnering with a Professional Employer Organization, or PEO, could be your ideal solution.
continue reading »