By Pension and Benefits Editorial Staff
Thirty-five percent of employees said they do not fully understand any of the employee benefits they selected during their most recent open enrollment period, according recent research from Voya Financial, Inc. This rises among younger workers—with more than half (54 percent) of millennials reporting they do not understand their benefit selections.
Voya noted that this means workers will increasingly be turning to their employers in 2021 for education, support, and guidance to better understand their workplace benefits. The survey found that 66 percent of workers said that they want their employer to help them better understand their employee benefits throughout the year—not just at open enrollment. Additionally, 73 percent are interested in support and guidance tools that help them understand how much money to put aside for retirement, emergency savings, and health care expenses.
“Supplemental health benefits like accident insurance, hospital indemnity insurance and critical illness insurance can be confusing—especially for younger workers, who might have enrolled in these coverages for the first time due to the pandemic,” said Andrew Frend, senior vice president of product and strategy at Voya Employee Benefits. “Plus, with COVID-19 shining a spotlight on the need for greater financial security, the challenge for employers moving forward will be connecting health and wealth benefits as their employees continue to have an increasing need for budgeting, planning and guidance resources.”
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