Anyone else remember playing the board game Life? Spinning the wheel and moving around the board, not knowing if you’d land on a new job or a new baby or a new car. If you’d work and build up a fortune, or take a wrong turn and be penniless.
A recent article in SHRM’s online magazine made the argument that in 2016, an increasing number of employers will introduce consumer-driven health plans (CDHPs), putting the burden for cost savings on employees, and will roll out more creative and customized voluntary benefits.
This trend shouldn't come as a surprise. And while most large companies in the United States have completed annual benefits enrollment for 2016, it’s crucial to look ahead to make sure employees make the best use of their benefits.
Last week during our One Wallet webinar we asked our participants how long they thought most employees spend making their benefits elections. 38.5% of attendees estimated that employees spent less than 10 minutes enrolling. 10 minutes! Think about the impact—and price tag—attached to that decision, and the time spent on it. Seems a little surprising, right?
It’s no secret that the world of benefits is evolving. What once started as a simple medical, dental, vision package has evolved to a whole array of options. From HSA’s to FSA’s, HDHP’s, 401(k), voluntary products and wellness programs, benefits offerings are much more complex than what they once were. While this is an advantage to your workforce, it can also be overwhelming when trying to make the right benefit elections.
Would it surprise you to know that many millennials don’t know what coinsurance or a premium tax credit are? Or what the difference is between an HMO and PPO?
According to a recent study done at the University of Pennsylvania, today’s millennials are struggling to navigate the world of benefits. But who can blame them? Benefits enrollment is filled with insurance jargon and a plethora of choices that are difficult to navigate no matter what generation you belong to. But millennials in particular stumble when it comes to buying insurance—something we’re guessing they’re not chomping at the bit to buy.
At Businessolver, we pride ourselves on being a learning organization and we are constantly looking at different perspectives and the opinions of a variety of experts. One item that caught our attention was a Ted talk where Barry Schwartz presented “The Paradox of Choice” from his amazing book with the same name. Mr. Schwartz makes several profound comments in this talk that have impacted our approach to benefits administration.
Conventional wisdoms are ideas or explanations generally accepted as true by the public or by experts in a field. Sometimes they’re backed up by research and facts, and other times they’re just so well known that the research is assumed. Often they become so widely accepted that they can start to become an obstacle to the acceptance of newly acquired information. But in reality, circumstances change, we learn new things and evolve.
We went with the challenge.