Open Enrollment
A printed summary of some of the benefits offered to employees and their family
What are benefits guides?
Nickname for the major health insurance carriers
What is BUCAH?
The most effective form of employee communication during Open Enrollment
What are face-to-face enrollment meetings?
Seeking additional problems to solve for a client with solutions other than your primary solution.
What is cross-selling?
This period of time is crucial for educating employees on a new NextGen health plan.
What is open enrollment?
The open enrollment period was put in place to discourage this.
What is adverse selection?
Popular status quo strategy to lower the renewal increase
What is cost-shifting?
Third-party vendor that educates employees on their benefits during OE
What is a benefits enrollment firm?
An executive benefit creating "golden handcuffs" to retain key employees by creating a delayed payday
What is deferred compensation?
An adviser received this for the first time ever after explaining a NextGen plan at an OE meeting.
What is a standing ovation?
This technology-based approach is the most efficient benefits enrollment process.
What is online self-service enrollment?
High renewal increases can put this person's job at risk.
What is the incumbent broker?
Offering these supplemental products can pay for face-to-face or call center enrollments.
What are enhanced (aka "voluntary") benefits?
Group term life, group long-term disability & dental insurance
What are ancillary benefits?
Losing access to this is often the biggest adjustment for employees in a NextGen plan
What is a BUCAH carrier?
Examples include marriage, divorce, death, birth and losing other health coverage.
What are qualifying life events?
The most tedious renewal task
What is spreadsheeting?
This tech-based communication strategy eliminates the need for most in-person OE meetings
What are video presentations?
NextGen name for supplemental insurance benefits formerly known as "voluntary"
What are Enhanced Benefits?
Eliminating these are a major selling point to employees when installing a new NextGen plan
What are out-of-pocket health care expenses?
Important stakeholders usually absent from open enrollment meetings
What are employees' spouses?
Carriers blame this for annual health plan rate increases.
What is medical trend?
A special event designed to communicate and explain employee benefits.
What is a benefits fair?
Key-person & buy-sell insurance are examples.
What is business insurance?
Ending out-of-pocket expenses and reducing employee premiums can lead to this.
What is increased plan participation?