According to research from The Guardian Life Insurance Company of America, one of the nation’s largest mutual life insurers and a leading provider of employee benefits, Millennials are by far the most confident about their ability to make the right benefit decisions, with 96 percent feeling “highly confident” versus 66 percent of Gen Xers and 64 percent of Baby Boomers.
Additionally, nearly 80 percent of employees spend less than a total of two hours evaluating their insurance benefits options, including group medical, dental, life and disability insurance.
A majority of workers, regardless of age or life-stage, say they try to better understand their benefits options by reading their benefits materials (77 percent) and reviewing their prior year’s selections (66 percent), however, a minority reported that they have attended benefits meetings (37 percent), spoken with a benefits advisor (29 percent), used online planning tools (28 percent) or spoken with a carrier representative (14 percent) prior to enrollment.
“Most employees are not taking full advantage of available company resources to help them make informed decisions about benefits. In fact, employees’ benefits engagement and decision-making has not substantially improved with the advances in technology, despite the convenience it offers,” said Chris Swanker, vice president, Worksite and Sponsored Markets for Guardian.