Benefit decision support helps HR teams simplify one of the most overwhelming parts of the new hire process: choosing a health plan. Decision support helps employees get the coverage they need, saves them money on rising healthcare costs, and reduces the stress that comes with starting a new job (something that has only increased with the transition to remote work).
In today’s competitive job market, it is more important than ever to make sure employees are set up to succeed when they start a new job. Decision support can help. Here’s how.
Six reasons why decision support is a must for new hires:
Benefit decision support reduces anxiety for new hires and improves plan knowledge.
Two-thirds of Americans, regardless of income level, find that health insurance is a major stressor in their lives. Now, imagine picking a new plan while starting a new job…the stress adds up quickly! Decision support reduces anxiety by helping employees better understand their options. They can pick a new plan confidently and feel less uncertain about what this transition means for their physical and financial health.
New hires need any time savers they can get.
Forms, forms, and more forms. When starting a new job, new hires must complete payroll forms, W4 form, I9 form, and various other HR-related items. New hires are also tasked with reading onboarding materials and participating in various trainings all while trying to learn and succeed in their new role. It’s easy to see how the decision of selecting a new health plan can get lost in the shuffle. Many employees will not have time to look through dense guides with confusing terminology. Decision support with predictive algorithms gives new hires a digestible report with the most essential comparative information so they can easily make an informed decision.
New hires are easy to engage as they must make a change.
Data has shown that employees typically roll over their health plan during the open enrollment period. This decision can be a costly mistake as their current plan might not fit their current situation. Employees have estimated they lose $750 or more per year because of suboptimal benefit choices. New hires are a captive audience though because they need to make a change. HR teams can embed decision support into their onboarding process, so employees use decision support before choosing a new plan. They’ll be excited to find out which health plan best matches their specific health needs, so they’ll save money on premiums and bills throughout the year.
Helps HR teams during a busy and stressful time.
HR teams know there’s never a slow season. Bringing on new hires can be particularly challenging for HR managers because they’re always balancing other responsibilities—managing payroll, supporting with remote work, employee communication, recruitment, and the list goes on. It’s difficult to tackle everything on that list while guiding a new hire through the onboarding process. Benefit decision support can help as it essentially serves as the enrollment advisor to new hires and walks them through their options in an easy-to-understand way. Decision support with personal support also allows new hires to ask questions and discuss their specific medical needs.
Saves both employers and new hires money.
Every year, employees’ cost of care goes up and employer’s health benefit cost per employee increases. Decision support tools project a new hire’s health spending into a straightforward comparison table that will indicate the best value option based on their needs. When employees make the right plan decisions, they will spend less money on healthcare costs overall. This means happier, healthier employees. Employers get more out of the benefits they invest in, and employees who are healthier ultimately cost the employer less.
Helps companies attract new hires.
According to EBRI (Employee Benefit Research Institute), 78 percent of people said that their benefits are very important in their decision to accept a job. Tools that save employees money can set a company’s benefits package apart from the competition. Employers can tell prospective hires they receive a decision support tool that can save them thousands on their health care costs.
Importantly, by offering a personalized tool that matches employees’ health needs to their optimal plan, employers can also forward a more inclusive, healthy, and productive culture. Giving employees personalized plan choice support confirms that individual circumstances and needs matter to their employer.
Decision Doc is the most personalized decision support tool on the market. Schedule a demo to see what I can do for your employees.