How COVID-19 Is Affecting Open Enrollment This Year

A LIMRA study reveals how some employers are re-examining employee benefits due to COVID-19. More employers are looking into online enrollment as well as supplemental benefits. Forty percent say the pandemic has affected their views on the importance of benefits, and the shift is almost universally towards viewing benefits as more important. Most employers are not considering changing cost-sharing but nearly 20% might require employees to pay a greater share for some benefits.

Twenty-six percent of employers are considering changing their insurance offerings. Employers say that healthcare benefits are more important than before COVID-19, such as hospital indemnity, critical illness, and major medical plans. They have also expressed more interest in telehealth, mental health benefits, and employee assistance programs. 

Fifty-four percent of employees view their insurance benefits as more valuable than they did before the pandemic. 

Online Enrollment Gets a Major Boost
More than 40% of employers are interested in changing how they enroll employees and many want their benefits carriers to help them. The following reveals how employers are considering shifting the enrollment process:

• 73% Want to add or increase online enrollment
• 42% Want to reduce paper enrollment
• 35% Want to reduce or cancel in-person enrollment

Contact your LISI Regional Sales Representative for COVID-19 enrollment and benefits strategies.