This open enrollment season, employees are looking at benefits differently
Employees are entering the enrollment period with recent affordability trends top of mind and are scrutinizing the cost of their benefits accordingly.
Every day, employees' decisions regarding their benefits have real consequences. The impact ranges from providing financial stability in times of crisis to the struggle of those who do not fully understand their coverage. This open enrollment season, employees are looking at benefits differently, with affordability trends and cost of living concerns top of mind.
New research from New York Life Group Benefit Solutions found that 71% of employees closely evaluate the value of voluntary benefits, with Gen Z workers being even more scrutinizing at 83%. However, 65% of employees have not used or explored voluntary benefits outside of open enrollment, highlighting a disconnect between enrollment and actual use of benefits.
The true impact of benefits is often felt long after enrollment ends, making it crucial for employers to help employees understand, activate, and use the protection they have elected.
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