Health care enrollment time tries workers
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According to the July Aflac WorkForces Report of more than 2,000 consumers, 16% of workers were confident in their benefits decisions as compared to 24% in 2011.
Additional survey findings released in their report include:
- 89% of employees say that they simply elect the same benefits options every year.
- 47% of employees say that they rarely or never exceed their deductible costs.
- Only 16% contribute the right amount to flexible spending accounts.
- 43% of workers indicated that rising out-of-pocket medical expenses are one of the most costly financial burdens they face.
- 52% of employees indicated that their company does not communicate with them at all about the open-enrollment process.
It is clear that as benefits change, employers need to effectively communication their benefit offerings and workers need to pay closer attention to their selections during open enrollment. Many plans have increased the in-network deductibles, emergency room co-payments and prescription drug co-payments, said the PwC Health Research Institute annual report published in May. The report also indicated that 57% of employers are considering an increase in employee contributions to health plans.
(Photo credited to www.californiahealthinsurancenow.com)
DISCLAIMER: Because of the generality of this update, and based on particular situations, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice, financial advice and/or the advice of a licensed insurance or certified human resource professional.
© Connelly, Carlisle, Fields & Nichols 2012