As summer fades and the workplace moves into its next phase — benefits enrollment season — studies are emerging that support a call for a more proactive benefits education process.
Unum reported earlier this week that a survey of employees revealed that the majority said their employers' benefits education efforts weren't working very well for them. Now, the 2014 Aflac Open Enrollment Survey from Aflac that found 41 percent of employees spend 15 minutes or less pouring over their benefits options prior to enrollment. Not paying much attention to their benefits options happens despite the trend toward employees increasingly paying a larger share of their benefits. Premiums paid by employees now average $4,565, according to Aflac.
See also: Open enrollment checklist for employers
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How does this quarter-hour spent on benefits planning compare to other decisions workers make?
- Researching for new car purchases — 10 hours;
- Planning family vacations — 5 hours;
- Shopping for new computers — 4 hours;
- Deciding what television to buy — 2 hours.
The 15 minutes takes into account the 90 percent of survey respondents who auto-enroll, simply re-upping for the prior year's package.
See also: PPACA adds auto-enrollment feature
"It's concerning to learn that many Americans invest time in finding the right television, but may not be taking enough time to choose health benefits that best fit their needs and the needs of their families," said Matthew Owenby, vice president of Human Resources at Aflac. "It's important for workers to educate themselves about their health care options to ensure they select the right insurance coverage that provides protection and avoids costly mistakes down the road."
One common mistake Aflac identified: 42 percent of workers waste up to $750 each year on mistakes with their insurance benefits.
The survey also revealed:
- 73 percent only sometimes, rarely or never understand everything that is covered by their policy;
- 64 percent sometimes, rarely or never understand changes in their coverage; and
- 64 percent disagree or only somewhat agree that they are more prepared for open enrollment this year compared to last year.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
