Open enrollment can be a stressful time for both employees and the company stakeholders responsible for purchasing, implementing, and/or administering employee benefits.
For employees, we’re trying to absorb all the information available to us – and once again wishing that we could just predict the future – to help select the right benefits package.
Top-of-mind questions I’ve asked myself over and over again during open enrollment (and I’m sure you have as well): What worked last year? What didn’t? What family health expenses do reasonably expect to come up in the next plan year? How can we afford those? Am I taking too much financial risk if I go with those options rather than these options?
For HR stakeholders and CFOs, they want to make sure they’re balancing offering crowd-pleasing benefits that are going to be a legitimate asset for the company in regards to recruiting and retaining talented workers while avoiding breaking the bank.
Any decision related to benefits is thus a complex one for all parties involved.
CDHP Enrollment & Usage Trends
To better understand the factors employees and employers consider when making consumer-driven health plan (CDHP) decisions, we recently conducted our CDHP Enrollment & Usage Trends survey.
The results of that survey are now available in a comprehensive report, which offers a lot of CDH-related insights we can all use. I highly recommend reading it.
To provide quick takeaways, however, we also put together a handy infographic with some highlights from the survey that employees and companies’ benefits stakeholders will want to know, including:
- Nearly 40% of employees surveyed said previous account experience was the most valuable resource when determining whether to enroll in a tax-advantaged account in the future – making it the top response.
- Selected by 58.6% of employee respondents, “reviewing my previous spending habits” is also the most useful activity for employees when they’re deciding how much to contribute to their HSAs and/or FSAs in the future.
- More than 40% of health savings account (HSA) participants said the primary reason they enrolled in an HSA was because of the ability to use the accounts as savings vehicles for future health care needs – making it the top enrollment driver identified.
- One out of every five employees surveyed works for an employer that exclusively offers HSA-based plans.
- The top reason employers believe their employees fail to enroll in tax-advantaged accounts are that they’re “unaware of financial tax benefits” (47%), which is interesting given that “tax savings” was the third most selected response employees gave when asked to identify the primary reason they chose to enroll in an HSA-based plan.
- Benefits stakeholders indicated “employee customer service” and the “overall employee experience” were the most important factors when evaluating health account vendors for their organizations. More than 80% of respondents rated these two factors as very important versus a 66.4% that rated price/cost of product as very important – indicating greater emphasis is being placed on employee satisfaction.