The COVID-19 has changed the entire perspective of health and wellbeing. As the impact of wellbeing on productivity and business is evident, employers are reconsidering their employee benefits plans. However, employees are baffled by the new changes and offerings coming across their way.
According to a Voya Financial survey, almost 35% of employees are not fully aware of the workplace benefits that they have enrolled in. In particular, millennials have a tough time understanding their benefits and perks as almost 54% of them are not sure of their employee benefits plans offerings.
Apparently, during the open enrollment sessions, almost 22% of the employees felt confused, 21% felt stressed, and 20% were anxious when understanding their workplace benefits offerings. Almost 66% of the survey respondents want their employers to help them understand and educate them about their workplace benefits plans throughout their year and not just during enrollment.
Experts at Voya Employee Benefits said that most employees, especially the younger generation were more likely to be confused by supplemental health benefits like critical illness insurance, accident insurance, and hospital indemnity insurance. And so, educating them with the right tools and resources is crucial to get it right.
Rationally, employees tend to forget about their health plans, particularly when they do not have to use their benefits straightaway. Sadly, when the need to use their health plan or insurance benefits comes up, they realize they do not understand how it works or how to use their benefits services. Most times, many workers do not even know whom to look out for to address their issues.
Also, while the outline of the health plan may seem simple, many times, employees may misinterpret a few details and face unforeseen costs or challenges while receiving care. In fact, many times even healthcare providers who evaluate costs before submitting claim insurance may also get it wrong.
Experts from Voya Employee Benefits shared their thoughts on the survey and more about the employee benefits plans.
Employee’s confusion about their Workplace Benefits Package
Long before two decades, the employee benefits packages mainly included health plans and pension plans. Over time, as the employee wellbeing trends are evolving, the workplace benefits packages have also expanded. However, with so many options available, employees are getting confused about the best-suited combination for them.
Employers can explain better and guide employees during enrollment times about the different employee benefits plans. They can have personal discussions with the employees to understand their health concerns and their plans to improve overall wellbeing. If they seem interested, it is probably worth investing in a better premium plan than wasting it on someone who might not utilize it well. Knowing employee health status by conducting health assessments or screenings to know lifestyle factors, potential risk factors, financial goals, and other parameters can help put together the best-suited workplace benefits plans for them.
Educating Employees about Their Benefits Plans
Communicating all the required information about the employee benefits plans in a simple way can help the workers understand it better. Employers must also keep all the communication channels open to address all queries. Also, full access to easily understandable documentation with graphical representations and appealing tools can be offered. Employers can also provide online calculators and resources for employees to compare the benefits plans. Employees can also be encouraged to read the testimonials and reviews of the different benefits plans to understand how they work. Reminders can be sent at regular times that redirect employees to online portals to complete documentation, demonstrate their benefits, and resolve queries.
Employee benefits plans and offerings have expanded over the years, and their complexity has also grown invariably. Though employees have more than a few options of health insurance and pension plans to choose from, they often get confused with so many available choices. With the right tools and educational resources, employers can support employees in making the best decision about their benefits plans. Most important of all, employers and health plans must communicate well with the employees about their workplace benefits packages.