NEW Professional Member Special>>> Save $20 and receive a SHRM tote bag
More companies are recognizing the importance of giving employees the time and space they need to navigate personal loss.
Save $20 on a New Professional Membership and receive a FREE Tote bag when you join SHRM today!
Learn to overcome challenges and meet your 2017 goals through competency-based HR education. Available in-person and virtually.
Expand your influence and learn how to become an effective leader. Join us in Phoenix, AZ | OCTOBER 2 - 4, 2017
Many don't talk to their spouse about their family's needs
America’s workers aren’t doing enough to learn about their benefits options and coverage gaps—and it’s hurting them at annual enrollment time.
That’s the opinion of hundreds of benefits enrollment experts recently surveyed by Colonial Life & Accident Insurance Co., a benefits provider. The company asked nearly 400 employee benefits counselors—the majority of them veterans with five or more years of experience in the benefits industry—about the top mistakes they see people make during their annual benefits enrollment.
Topping the list:
The next four errors were close together in the rankings and also related to lack of information:
“This is the one time you have to take control of how you want to provide for your family and yourself,” a survey respondent advised. “Take time to talk with your spouse and understand how the benefits can really help your family.”
Benefits Meetings Missed
Rounding out the top seven on the list were mistakes that also involved poor preparation and not taking advantage of educational resources. Specifically:
“Personal knowledge is power,” a respondent wrote. “When a crisis happens, you’ll know how to protect your income and savings. Regardless of health care reform, out-of-pocket medical expenses aren’t going away.”
Many employers, especially those offering voluntary insurance options as part of annual enrollment, give workers the opportunity to meet individually with a benefits expert for a personalized counseling session. And employees who take advantage of these sessions are overwhelmingly positive about them. In Colonial Life’s postenrollment surveys 98 percent of those who participated in a one-to-one session said it was important, and 97 percent said the session improved or significantly improved their understanding of their benefits.
Americans Flummoxed by Health Plan Options
Like our self-directed retirement saving system, the new health care system is one that requires consumers with varying degrees of expertise and knowledge to make important decisions for themselves,reports Reuters.
Researchers from several universities asked a national cross-section of Americans to choose exchange policies that would be cost-efficient for them. The vast majority—80 percent—failed to choose the best plan, resulting in average annual overspending of $611.
"Most people had trouble combining the policy premium, co-pay and deductible to understand their total likely cost," said Eric Johnson, director of the Center for the Decision Sciences at Columbia Business School and co-author of the study.
You have successfully saved this page as a bookmark.
Please confirm that you want to proceed with deleting bookmark.
You have successfully removed bookmark.
Please log in as a SHRM member before saving bookmarks.
Your session has expired. Please log in again before saving bookmarks.
Please purchase a SHRM membership before saving bookmarks.
An error has occurred
Recommended for you
Become a SHRM Member
SHRM’s HR Vendor Directory contains over 3,200 companies