When it comes to yearly events, enrolling in benefits isn’t always top of mind.
Once a year, your employer looks into different coverage options and then presents them to you. This is known as Open Enrollment.
To help your employer understand and select benefits plans that are important to you, each year, ADP TotalSource® invites our clients’ employees to take part in our Employee Benefits Survey, asking them what they need and what’s on their minds when it comes to their benefits. Here’s the top 3 insights the survey revealed …
1. VOLUNTARY BENEFITS ENROLLMENT GROWING
Voluntary benefits, a helpful financial safety net for a wide range of scenarios, has steadily grown as more employees become better informed about what these benefits can offer.
Short-term disability, term life insurance, and accidental death and dismemberment were the top three options employees stated they want to enroll in. We go more in-depth about all the different types in this article.
Voluntary benefits are designed to help with costs that might not be covered by primary health insurance coverage, giving you flexible options that fit your needs and gives you peace of mind for your financial security. This actually ties in with the next two insights.
2. FINANCIAL HEALTH AWARENESS INCREASES
This year, 2 out of 3 respondents said their financial health was more important than dental insurance, showing a continued interest in ensuring both a safety net and a future for themselves and their families.
This response wasn’t surprising. For three years, survey feedback has shown interest in 401(k)s has grown, becoming the second most important benefits option. And it’s not just 401(k)s – Health Savings Accounts, or HSAs, have also continued to trend upwards. When paired with a High-Deductible Health Plan (HDHP), HSAs can be a great option for long-term investments, as your contributions roll over each year and earn interest.
Both can help give you a sense of financial security.
3. FINANCIAL BARRIERS PERSISTS
39% of employees who responded to the survey stated they weren’t prepared for an out-of-pocket expense, while 26% said they were less prepared than they were last year. This highlights a continued concern about financial barriers that impact health and wealth benefits.
Pairing an HDHP with an HSA, as mentioned above, can not only be used as an investment strategy but also gives you the ability to cover any qualified medical expenses.
Make Open Enrollment Work for You
Enrolling in benefits can feel overwhelming at times, however we want to make sure that you’re able to go through it with knowledge and confidence. Check out this 3-step benefits plan to ensure you’re up to speed.
Benefits coverage is truly a personalized plan, not a ‘one size fits all’. Fortunately, our award-winning MyLife Advisor team is available for any additional support you might need or any questions you may have. Give them a call at 800-554-1802.
