For many brokers, the breakneck pace of open enrollment season may not even leave time for doctor appointments or lunch breaks, let alone big picture thinking and moments of introspection. I imagine many of you taking the time to read this are doing so with bleary eyes and frazzled nerves. But I recently came across a couple of things that might give you a little boost as you battle end-of-the-year burnout.
The first is a recent study by the Society for Human Resource Management, which provides the latest evidence of the important role that benefits play in job recruitment. The report found that within the last year, 38 percent of recruiters had leveraged benefits to recruit employees at all levels of their organization. That figure is up significantly from 26 percent in 2013.
And the positive trend carries over to employee retention. One-third of the recruiters surveyed said their company was planning to enrich its benefits plan in the hopes of keeping workers on board, a big jump from just 18 percent in 2013. With salaries largely stagnant, the role played by benefits is growing more vital every year.
Which brings us to the second item. According to ConnectHealth, the majority of Americans now believe that choosing a health care plan is more difficult than solving a Rubik's Cube. Of course, it doesn't help that so many of them aren't even familiar with the most basic industry terms. For example, the survey found that nearly four in 10 Americans—and nearly half of millennials—are unable to correctly define the term “deductible.” So it's no wonder things get ugly when they try to go it alone. Americans who purchase their health insurance online spend an average of 117 minutes selecting a plan, while 46 percent spend two hours or more. And when all is said and done, more than one in five say they are dissatisfied with the experience.
So what would make the process easier? Top answers include a cost-comparison tool, a more streamlined, time-efficient process and personalized recommendations based on their financial needs. Or, as ConnectedHealth president Joe Donlan puts it, “Americans are seeking tools to help them cut through the clutter and better understand their health care needs, as well as evaluate those needs against their finances to ensure they can afford proper coverage now and as they plan for the future.”
Isn't that a pretty accurate description of the role a broker plays?
From recruiters and employers to consumers, benefits are clearly more important than ever. But there is still a huge knowledge gap out there when it comes to education and plan selection. People need help.
As you make your way through the end of year craziness, you may occasionally be tempted to ask yourself, “Is it worth it?” Based on the flood of evidence we see each and every day, the answer is a resounding yes.
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Paul Wilson
Paul Wilson is the editor-in-chief of BenefitsPRO Magazine and BenefitsPRO.com. He has covered the insurance industry for more than a decade, including stints at Retirement Advisor Magazine and ProducersWeb.
