Why a Financial Wellness Program is Essential During Open Enrollment Season
The biggest period of the year for businesses is open enrollment season. This period is chaotic and there is no escaping it. Employees may choose or switch benefit options like health, dental, and life insurance, as well as an assortment of voluntary and ancillary benefits, such as legal services or pet insurance. Open enrollment is critical for the health and financial wellbeing of employees.
However, many employees don’t understand what they are signing up for during open enrollment even though they attend the mandatory meetings or glance over the information sent. According to the 2021-2022 Aflac workforce report, 59% of employees say that they don’t understand health care costs when making decisions about health insurance.
Also, due to the COVID-19 pandemic, more and more employees are working remotely, meaning that they don’t work directly with an HR or benefits professional when researching and enrolling in benefits.
Due to this, it’s a tough time for HR Professionals and employees which is why open enrollment season and financial wellness go hand in hand. This season is a chance for employees to take control of their physical and financial health. However, most employees don’t have the tools and resources to make the best decisions, and that’s where a financial wellness program like Your Money Line comes in. Our Financial Guides can help your employees understand their options. With software like Your Money Line, your employees will have the financial knowledge and insights to choose the best plans.
By including a financial wellness platform in your overall benefits packages, your employees will receive:
- 1) Guidance and support they need to navigate benefit options
- 2)The resources and tools they need to be able to determine what they can afford which allows them to make smart financial decisions
Here’s what our Financial Guides at Your Money Line can help with:
- Understanding the difference between high-deductible health plans (HDHP) and other healthcare plans
- Navigating questions about Health Savings Accounts (HSAs)
- Who can contribute to an HSA?
- How much can I contribute?
What can I use the funds for?
- The difference between flexible spending accounts (FSAs) and HSAs
- Retirement Questions
- Am I contributing enough to my employer-sponsored plan?
- What is/are the difference(s) in the plan(s) offered by my employer?
- Understanding disability insurance
- How much disability insurance is enough?
- Understanding the different types of policies
- The difference between own occupation and any occupation
- Life Insurance
- How much is enough?
- What type of policy do I need?
Do I need coverage beyond what my employer offers?
Your Money Line offers a holistic approach to financial wellness. Our Financial Guides are here to help you go through the ins and outs of open enrollment season with your employees to make everyones’ financial lives more manageable.
Your Money Line is a leading corporate financial wellness software solution connecting employees to personalized, confidential, and empathetic financial guidance through real people and technology. Your employees will enroll in Stability Academy to start the Your Money Line journey. Stability Academy helps you improve financial stability in a measurable and meaningful way by determining where they are right now, where they want to go, and exactly how YML can help them get there. Our platform provides courses, assessments, videos, and guidebooks to help create a unique and individualized learning experience for each user. Along with our dashboard, we also have Financial Guides that are there when you need a human touch. Our empathetic and experienced experts lead the way with one-on-one coaching available 5 days a week, 9 a.m. to 9 p.m. EST, and are all Certified Financial Planners® and Accredited Financial Counselors®. They are a friendly voice through your financial journey to make tomorrow easier. Your Money Line is here to help your employees conquer their financial goals and challenges, decrease their anxiety around money, and tackle life’s curveballs with guidance.
Open enrollment season is quickly approaching; if you want to help your employees request a demo today!