Despite the importance of open enrollment, employees aren’t exactly thrilled about reviewing forms for health insurance and other benefits every fall.
Nearly 7 in 10 benefits-eligible employees (67%) spend just 30 minutes or less reviewing their options during open enrollment, while 42% spend 20 minutes or less, according to a 2023 Voya Financial survey. And the overwhelming majority of employees (roughly 90%) choose the same options as they did the previous year, a report by insurance firm Aflac found.
Choosing benefits is “extremely overwhelming for people,” said Christin Kuretich, vice president of supplemental products at Voya, a New York City-based financial and insurance firm. “It’s not something that people generally want to think about or take the time to focus on.”
It’s an age-old problem, but this year adds another complication: Employees are now willing to spend less money on their benefits at a time when costs are increasing. The new monthly median amount that consumers will spend on benefits in 2024—excluding retirement savings—is $120, down $30 from the previous two years, according to LIMRA, an insurance industry trade association based in Windsor, Conn.
Employers’ Biggest Open Enrollment Task: Convincing Employees to Care
SHRM | Aug 2024
How can employers ensure they make open enrollment a success? Lots of strategies come into play, from old and new communication techniques to promoting available voluntary benefits and talking with employees about rising health care costs.
How to Have a Successful Open Enrollment
SHRM | Aug 2023
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Listen to: Get Ready for Open Enrollment with Lois Glasgow
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Express Request: Health Care Costs Projections 2025
Express Request: Health Plan Model Notices
Inflation, Economic Concerns Biting into Benefits Offerings
HR Falling Short on Benefits Education
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How to prepare for open enrollment as an employer
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Five Tips for a Successful Benefits Open Enrollment
International Foundation of Employee Benefit Plans | Sep 2023
Open Enrollment Tips for Employers: Steps to Success
Woodrufff | Sep 2023
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