Are you ready for your company’s benefits to get some serious consideration this Open Enrollment season? Good news! According to a new study published by Voya Financial, Americans are planning to put some real thought into their benefits this year. In fact, more than half of employees are planning change their benefits this year. 71% are planning to spend more time reviewing voluntary benefits than they have in years past.
What’s behind this burst of interest? The reality of COVID-19 is influencing many Americans to put a new emphasis on their personal and family health.
In a press release, Voya’s president of Employee Benefits, Rob Grubka, stated: “With COVID-19 part of our daily lives for the foreseeable future, our new survey reveals that many are focused on ways that they can protect the health and wealth of themselves and their families, and they recognize workplace benefits are a way to do just that.”
Employees are ready to make a change, but they need expert help. What benefits can really help them prepare for the potential upheaval of a continuing pandemic? And where can they find the resources to make these big decisions?
The answer, of course, is from your dedicated teams. Here’s what you need to know to take advantage of this year’s new interest in benefits.
HSAs and FSAs Are a Big Topic
Voya’s study found 38% of surveyed employees were interested in HSA and FSA options to help them better manage their healthcare needs. With the valuable opportunity to rollover funds year after year, an HSA might present just the extra security your employees are looking for. If your company offers HSA options, now is the time to review your educational resources and make sure the HSA plan is fully explained.
Explaining (And Filling) Insurance Gaps
Hospital billing has been a major topic of news coverage, especially with the long hospital stays associated with serious COVID-19 infections. Educate your employees about the potential advantages of voluntary benefits which could cover gaps in insurance coverage.
Supplemental insurance plans such as hospital insurance could provide peace of mind for less than most people would expect. Other types of insurance, such as critical illness, pay out a cash benefit which could be used to cover household and care expenses in the event of a lengthy illness.
Look for Better Benefits Education
The younger generations, however, need more information about how these plans work, and what they can cost. Gen Z respondents overwhelmingly agreed that they needed more information from their employer outside of the enrollment period, but other generations weren’t far behind.
Providing educational information ahead of the enrollment period, using a variety of mediums to appeal to all learning types, can help everyone understand the complicated nuances of benefits. Video, online FAQs, and brochures outlining the parameters of different plan types, including HSAs and FSAs, will help clarify these topics.
If there was ever a year to help your employees find clarity regarding their insurance options, this is it. “This is not the year for employees to hit the ‘default button’ on their workplace benefits,” Grubka says.
Do you have the tools you need to educate your employees about their benefits options? Contact WBD for everything from text messaging to video content. We can help you educate, motivate, and engage your employees this Open Enrollment season.