Pressured by inflation, American workers need help during open enrollment

From bread to gasoline, nearly everything is more expensive than it used to be. But the rising cost of one employee benefit in particular has Americans worried now more than ever: health care.

According to a new survey from Voya Financial, 70% of Americans feel that they will need support from their employer to help maximize savings from health care options this fall during open enrollment.

“Costs have continued to steadily increase year after year, which is something that employees always closely consider as they make their benefit selections during their open enrollment period,” says Andrew Frend, SVP of Strategy and Product for Voya’s Health Solutions business. “With inflation at record levels not experienced in decades putting more pressure on family budgets, you tend to find Americans digging into all their available options to balance both their short-term needs with their long-term financial goals.”

Inflation’s effect on health care isn’t the only thing American workers are concerned about. The new survey revealed that 70% of Americans are interested in receiving support to stretch their benefit dollars across programs like retirement savings, health savings accounts and voluntary benefits like disability or accident insurance.

The Voya survey also revealed that almost 75% of Americans agree that inflation has caused stress about their personal finance situation. This is up from 66% in March of 2022.

Making important healthcare decisions can be daunting, but with employer support, American workers can have a stress-free open enrollment period to prioritize factors such as their mental health. Mike Ott, CEO of health outcomes company MOBE, says that it’s important for employers to focus on all aspects of health when choosing insurance and programs to offer.

“One of the best ways to improve health outcomes is to focus on whole-person health,” Ott says. “People who don’t have access to nutritious foods, affordable medications or the right providers can’t improve their health like those who have access can. Employers should always look at their wellness programs to see if they include employee resources for all aspects of health from nutrition to sleep, or mindfulness to medication.”

Ott adds that another way employers can reduce costs is through programs that use predictive analytics to identify future health claims spending.

“Forecasting future health issues allows employers to adopt programs that can intervene earlier, leading to improved outcomes in less time, reducing costs for both employee and employer,” Ott says. “And, if you offer digital health tools like telehealth, medication and chronic condition management services, it’s important to highlight those benefit offerings for your employees during and after open enrollment as they can be cost savers.”

As open enrollment starts soon at many companies, employers may be wondering how to make the process as less stressful as possible for their employees. Simplified support is key, Ott says.

“It’s essential for employers to simplify the process for their employees as much as possible, as there are a lot of important decisions for them to make at one time,” Ott says. “I’d ask employers to think about simplification in benefit design and communications, as well as the ways they offer support to their employees throughout the process.”

This article was written by Kristen Warfield from Employee Benefit News and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to legal@industrydive.com.