Ah, retired life. It is something we all dream of – the freedom of time to do what you enjoy, whether it be hitting the golf course, spending more time with your grandchildren, or simply relaxing at home with a good book. With Census forecasts emerging, it is expected that up to 12,000 people will turn 65 – the standard age for retirement – each day within the next ten years. Retirees have put in time and dedication into your organization, so how do you treat them to a sweet post-work experience?
Simplify the Retiree Enrollment Experience
The days of paper enrollments seem to be numbered, even for older Americans whose technology use has greatly increased. An AARP 2021 Tech Trends Report found that adults over the age of 50 are using video chats (45%), texting (37%), emailing (26%), and phone (29%) more now than before the start of the pandemic. Along with increased usage comes a thirst for knowledge with 54% of seniors reporting they want to learn more about using tech to simplify their lives! These are important stats to keep in mind when preparing open enrollments for retired populations. With the luxury of time now in their hands, you’ll want to provide a technical solution that simplifies their retiree enrollment experience so they can spend more of their sweet time on what they enjoy!
- Automate the Retiree Administration Process
We realize that may be easier said than done! There are many complexities when it comes to managing retirees in addition to your active population. Things like tracking Medicare eligibility, grandfathered retiree classes, Medicare Supplement Plans, the management of split plans and surviving spouses only add to the complex nature of retiree administration. In fact, according to the National Institutes of Health, overall Medicare spending is projected to double by 2030. Let’s not forget about premium subsidies, which are commonly implemented by public sector employers. Technology can automate benefit eligibility, calculate premiums, transmit eligibility, and generate invoices – transforming the experience from start to finish for both administrators and retirees.
- Provide Efficient and Effective Communication
Communicating benefits information is equally important for retirees as your active population but offers its own set of challenges. From 2012 to 2016, just 3% to 4% of Americans 65 and older moved annually, according to Census figures. More than ever, Retirees are leaning on technology and expect their prior employers to provide multiple options to easily access benefit information, participate in open enrollment, make changes to their plans, and pay their premiums. Consider offering one-on-one virtual meetings with benefits specialists to share benefit program changes. Leverage technology to send announcements and communications via email and text in addition to or in lieu of traditional mailings. Offering a variety of ways for retirees to access information will ensure they are in the loop even when no longer in the office!