Empower: Employee Online Benefit Enrollment
Implementing the Empower Open Enrollment Solution for annual enrollment periods will reduce the effort required by the client HR department from an average of 30 minutes per enrollment via paper to 5 minutes per online enrollment in Empower. The employee updates their dependent, beneficiary, and benefit selections online, and they are routed to HR for online approval. Once the OE period is closed, the data from open enrollment automatically updates the contacts, beneficiaries, benefits, and deductions (once payrolls run for the period in which the benefit takes effect).
In addition to the time savings, your organization will reap savings in the form of production, delivery, receipts from employees, and filing, which averages $120 per employee. There are no issues with lost paperwork, and the system can provide up-to-date feedback to HR regarding the number of individuals who have completed enrollment. The Society for Human Resource Management (SHRM) suggests that an error rate of 3% on the total benefit premiums when enrollment is processed manually. By automating data collection and implementing carrier interfaces, the error rate will be drastically reduced and lead to a savings of roughly $120 per employee.
The employees not only control what benefits and coverage they are selecting, but will also see a system-calculated cost for all of the benefits. This will help the employee in their budgeting process.
Feature Highlights Include:
- Employees update personal demographic and contact information.
- Supports all types of benefits – health and welfare, flexible spending accounts, life insurance, deferred compensation, etc.
- Employees review all benefit options on the Benefit Planning Worksheet prior to making selections.
- Employees can review current year benefit selections to help plan for the coming year.
- No re-keying of information from paper forms, which can lead to errors.
- HR controls what benefits employee may sign up for based on eligibility.
- HR has final approval of employee and contact changes, as well as benefit selections.
Employees can easily...
- …view their current benefit coverage to plan for future benefit needs
- …electronically enroll in a rules-based system that allows only eligible selections to be made, reducing costly errors and reducing administrative time
- …access benefit information and make benefit selections from any computer using the web, allowing employees to confer with family benefit plans, all within the open enrollment process
- …update or add contact information to change dependents and beneficiaries on benefit plans, all within the open enrollment process
Enabling Managers & Administrators to...
- ...reduce the burdensome costs of producing , distributing, and collecting enrollment paperwork
- ...control what benefits the employee can select based on pre-determined eligibility requirements
- …approve employee benefit enrollment and provide electronic feedback for correction for rejected enrollment requests
- …save as much as $120 per employee through error reduction and automated data collection
- …reduce the administrative workload of updating employee