4 top benefits employees want (and their main concerns during open enrollment)

Now that we find ourselves in the thick of the annual enrollment period, Fidelity has a new report, unveiling information and insight exploring how working Americans feel about the process of choosing benefits. The report evaluates how the workforce is approaching their health decisions during annual enrollment, and offers resources to make the most of benefits year-round. Many Americans are facing the pressure of selecting health benefits for themselves and their families. Remarkably, more than half of those surveyed said they are overwhelmed, discouraged or both.

Americans of all ages seek guidance from health care providers as well as their employer or benefits provider, while relatively few turn to social media or give up searching altogether.

• 48%: Health care provider
• 34%: Employer or benefits provider
• 11%: Social Media
• 8%: Don’t look for help

Each generation also has different concerns when it comes to their health and benefits. Gen X is primarily concerned with their physical health. Gen Z and millennials were more concerned about affording unexpected health care costs, as well as mental health. One in every five boomers ranked affordable health care costs in retirement as their top concern. Health is a major determinant of one’s retirement. Fidelity estimates a 65-year-old individual retiring in 2023 will spend $157,500 on health care in retirement. Nearly all (95%) of Americans believe they’ll have to spend less than Fidelity’s estimate.

“The study also reveals a glaring gap when it comes to awareness of health savings accounts [HSAs],” said Deannna Spaulding, Fidelity representative. “Half of those surveyed have not worked with HSAs or their triple-tax advantage, with many thinking they have a ‘use-it-or-lose-it rule,’ however, this is not the case,” said Spaulding.

Between genders, men and women showed different interests and preferences when it comes to benefits. Four main areas of benefits were identified to be the most sought after.

• Health
  • Men 47%, Women 54%
• Retirement
  • Men 20%, Women 16%
• Emergency savings
  • Men 10%, Women 9%
• Paid family leave
  • Men 9%, Women 10%

Related: Five ways to improve employee benefits education & engagement

Luckily, most Americans don’t procrastinate on their health decisions, with more than half (59%) selecting their benefits within the first two weeks of annual enrollment. Most of the working class sees the value of health benefits, with 8 in 10 ranking health benefits among their top priorities for workplace offerings.

Additionally, clinicians are ready to see a more established connection between their care and employer benefits, as employers should provide enhanced support so employees are better equipped to speak to their providers about their plans. Nearly half of those surveyed look to their health care providers or employer/benefits provider for information on their plan.