Many employees may try to wing it during open enrollment and avoid putting as much thought into their benefits package as they should. According to the 2016 Aflac Open Enrollment Survey, nearly 93 percent of workers say they typically choose the same benefits year after year, yet only 33 percent of workers say they are somewhat satisfied with their benefits. Employees who choose the same benefits year over year aren't making the changes necessary to elicit different results — and it not only has an impact on their benefits, but also their wallets. 

In fact, the survey also found that 54 percent of workers wasted up to $750 on mistakes made during open enrollment, which is almost equal to four months of an individual's grocery budget. 

When it comes to their health, most workers were complacent in choosing insurance. Lack of preparation makes workers susceptible to mistakes and oversights that unnecessarily waste money or leave them financially unprotected in the event of a health emergency. There can be any number of reasons why employees continue to repeat the same mistakes annually, but there is something advisers can do: help prevent uninformed decision-making. 

Education is important

Employees and their employers agree that there is a lack of engagement when it comes to making benefits decisions. This breakdown ignites a costly cycle. If workers aren't adequately educated about benefits options, they may not be aware that they could benefit from opting in to certain plans. This creates an unprepared and under protected workforce. In turn, significant financial implications occur for both the company and the employee. 

When open enrollment begins, the goal is to ensure employees are educated on all the benefits available and to help them to understand how decisions made today can impact their financial health throughout the year and in the future. This will help employees feel prepared to make insurance decisions and overcome the tendency to make things easier by simply electing the same benefits as last year. 

Bottom line

Open enrollment season is the opportunity for employees to start fresh when it comes to benefits selection. Providing education and the right communication can help employees evaluate what they would like to get out of their benefits and possibly help save them from the financial devastation that comes from not being prepared. 

Aflac herein means American Family Life Assurance Company of Columbus and American Family Life Assurance Company of New York. WWHQ 1932 Wynnton Road Columbus, GA 31999. 

N161170                                                                                                                  10/16