Prudential's 4 best practices for open enrollment

Open enrollment decisions can make or break an employee’s year, and yet for many Americans, it’s just something to quickly check off their to-do list.

For Jilian Mondaca, head of enrollment at insurance company Prudential Financial, it’s on employers to change those habits. According to Mondaca, employees on average spend less than an hour choosing their benefits for the year, despite these being one of the biggest financial choices employees will make for themselves and their families. Even Mondaca admits it’s easy for her to underestimate the importance of open enrollment when it’s her time to choose.

“We probably spend more time looking at a pair of shoes that we’re going to buy versus medical coverage,” says Mondaca. “How silly is that? Employees need to make informed choices during their annual enrollment.”

Read more: The power of claims data: How the HTA saved employers $1 billion in healthcare costs 

That’s where employers come in. Mondaca advises companies to offer more guidance to employees during open enrollment rather than assuming employees know what’s best for them. Open enrollment shouldn’t be an in-the-moment decision-making process, where employees are just clicking through their options — it should be a time where employees can reflect on their needs and their current phase of life, underlines Mondaca.

Here are four best practices employers should keep in mind for their next open enrollment period.