At a time of unprecedented change in employee benefits programs, 51 percent of working Americans earned a grade of “C” or below in a true-false quiz measuring their understanding of workplace benefits.
Guardian’s “Closing the Gap” survey found that while 80 percent of working Americans believe they understand their benefits very well, only 49 percent demonstrate they actually do.
The results revealed employees are better informed about medical insurance than supplemental health benefits, such as critical illness (57 percent didn’t realize they could apply their benefit to a wide range of out-of-pocket costs) along with disability insurance (46 percent didn’t understand that an elimination period is the time from the onset of disability until benefits begin.)
The report found most employers want to improve these grades. Among businesses surveyed, “helping employees make better benefit decisions” was the second most important benefits strategy behind “making plan design changes to reduce costs.”
“Today, working Americans want greater access to insurance benefits via the workplace,” Dave Mahder, a Guardian vice president, said in a statement. “An effective benefits enrollment experience adds significant value for working Americans, as well as their employers.”
USI Northeast boasts a strong arsenal of in-house communications and account management professionals who are experts in benefits education and strategy — supporting clients not only at open enrollment, but throughout the year. Don’t let your employees earn a “C” in benefits. Educate them to be better consumers not only for their health, but for the benefit of your plan too.