Open Enrollment for Health Insurance - 53% of Employees Regret Decision
Open Enrollment for Health Insurance - 53% of Employees Regret Decision.
A survey by the company Equitable in October of 2024 found that 53% of respondents regret their choices during Open Enrollment for health insurance and other benefits.
Why? 25% said they failed to change their insurance to meet their current lifestyle needs. 20% said they forgot to make changes before the deadline. 19% said they did not understand their choices.
These reasons highlight the importance of understanding the difference between an Active and a Passive Open Enrollment.
Active Open Enrollment - employees must choose each year if they was health insurance and benefits and which plan they want. No action = no health insurance or other benefits.
Passive Open Enrollment - employees are automatically kept in their same health insurance and benefit choices from the previous year. No action = same health insurance and benefits as previous year.
Regardless of the type of open enrollment, the central challenge of open enrollment is Employee Inattention.
Innovative employers have reduced employee inattention by having the executive team and management involved in communicating health insurance and benefit information to employees and NOT solely relying on HR for that task.
Sources:
https://equitable.com/newsroom/2024/e...
https://www.griffinbenefits.com/blog/....
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