Turn Open Enrollment Into a Financial Check-Up

woman working on turning open enrollment into a financial check-up

Originally published 7/20/21, Updated on 5/16/25.

With healthcare costs continuing to rise, open enrollment isn’t just about selecting benefits. It’s a critical opportunity to help employees make smarter financial decisions that pay off all year long.

By positioning open enrollment as an annual financial check-up, you shift the narrative from confusing paperwork to meaningful planning. It’s a chance to help employees align their benefits choices with their real-life goals—whether that’s reducing out-of-pocket costs, protecting their family, or setting themselves up for long-term security.

This shift not only reduces financial stress for employees but also helps strengthen your organization’s bottom line through better engagement, higher retention, and more confident decision-making.

Here are three clear, actionable messages you can use to bring this approach to life at your organization.

1. Open enrollment is when employees can decide how they’ll spend (and save) their money pre-paycheck.

Your employees probably don’t think twice about checking the batteries in their smoke detectors or scheduling their yearly physicals with their primary care physician. But what is it about the term “annual financial check-up” that makes folks run for the hills?

For one, benefits and finances are stressful and confusing; 11% of U.S. adults cannot afford quality healthcare. And experts are predicting record increases in healthcare and prescription drug costs. So it all feels a bit daunting.

And, rather than dig into the complicated weeds, employees just keep enrolling in the same health plan over and over again because it’s easier.

Use this time to remind your people that if a health plan isn’t working for them, they can switch. If they’re confused about benefits, now’s the time to learn more. If they want to figure out how to save money on healthcare, you can help! 

Open enrollment is the perfect opportunity for employees to save themselves (and your company) money by making smarter benefits decisions.

How can you get this message across?

  • Focus on communicating the pre-paycheck benefits of a 401(k) or HSA. Both of these accounts help employees save money, plus invest so it’s worth more later.
  • Use a benefits engagement software to send out targeted communications with financial guidance. (Hint hint: ALEX can help here).

We put together some sample 401(k) communication templates for you to use.

2. Open enrollment is when employees can make sure next year’s benefits fit their new needs.

A lot can change in a year. Maybe an employee is planning to have a baby. Perhaps they know they have surgery coming up. They may have started thinking about retirement planning. Whatever their change in circumstance is, their current medical plan might not be the best financial option for next year.

Ideally, your employees have access to a benefits decision support tool to help walk them through the costs and benefits of each of their options, based on anticipated care and needs. But at the very least, thoughtful and personal benefits communication can remind them to consider how their big life changes might affect their benefits, and offer financial guidance on options to consider.

Take the guesswork out of benefits decisions with ALEX.

3. Open enrollment is when employees can take stock of all their financial goals and obligations, benefits-related or otherwise.

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