Pension & Benefits News Majority of employees worry they picked the wrong plan during open enrollment
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Thursday, January 9, 2020

Majority of employees worry they picked the wrong plan during open enrollment

By Pension and Benefits Editorial Staff

Fifty-five percent of employees said they often feel confused about how their benefits work, and 55 percent said they were not very confident that they had made the right choice during the annual open enrollment process, according to research from DataPath. The survey, Addressing Education Gaps is Key to TPA Growth, focused on employees and their benefits knowledge.

“Today’s health care consumers have access to more information about health care benefits than ever before,” said Bo Armstrong, chief marketing officer at DataPath. “Yet, it seems that many struggle to understand their benefits and how to use them.”

The survey yielded evidence that a health care education gap does exist for many consumers. For instance, DataPath found that 33 percent of employees have avoided going to the doctor as a result of confusion about their benefits. And, 70 percent expressed fear of surprise fees and costs when seeking medical care.

All 400 survey respondents were enrolled in a tax-advantaged medical spending account (flexible spending arrangement (FSA) or health savings account (HSA)). However, only 18 percent reported checking their FSA/HSA balance often. Nearly one in three (29 percent) said that they rarely check their FSA/HSA account balances.

SOURCE: https://dpath.com/assets/whitepapers/Addressing-Education-Gaps-is-Key-to-TPA-Growth.pdf

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