09/25/2024 | Press release | Distributed by Public on 09/25/2024 07:56
NEW YORK - As open enrollment season for employees across the U.S. begins, a new survey from New York Life's Group Benefit Solutions highlights the crucial role of supplemental health insurance in employees' financial well-being and overall peace of mind.
"Our survey has identified a strong link between supplemental health benefits and employees' sense of financial well-being. As healthcare costs rise and employees are shouldering more out-of-pocket costs, supplemental health benefits can be an additional safety net, which many are starting to understand and appreciate, though more education is needed," said Kristina Welke, Head of Strategy, Solutions, and Marketing at New York Life Group Benefit Solutions.
Key Findings:
Supplemental Health Insurance Boosts Financial Confidence: Employees with supplemental health insurance are more likely to report being confident they will be able to meet their financial goals and more likely to report feeling financially secure than those who don't have supplemental health insurance.
Healthcare Costs a Top Concern: Most employees, across demographics, wish their out-of-pocket expenses were lower as the majority had out-of-pocket expenses this year that were not covered by their health insurance plan.
Top 5 Benefits for Employees: For those who are currently employed, the top five benefits employees are most interested in receiving are employer match on a 401(k) or other retirement savings plan (74%), supplemental health insurance (50%), flexible work arrangements (48%), mental health support/access to resources (38%) and long-term care insurance (37%).
Knowledge Gap: Overall, less than half of employees feel extremely knowledgeable about the various aspects of their employer benefit plan (e.g., costs, benefit offers, etc.) suggesting greater education and outreach is needed across the board.
"The knowledge gap revealed in our findings is a clear call to action for employers. Open enrollment isn't just about selecting benefits; it's about empowering employees to make informed decisions about their healthcare and financial security," said Welke. "By providing clear communication and educational resources, employers can ensure their workforce truly understands and maximizes the value of their benefits."
As open enrollment approaches, employers have a unique opportunity to empower their employees by offering comprehensive benefit packages that include supplemental health insurance options. By providing additional resources and education around benefits during this critical time, employers can help their workforce achieve greater financial security and overall well-being.
Survey Methodology: This survey was fielded between August 29-30, 2024 by Morning Consult among 1020 employed adults who receive health insurance through their own or spouse's employer or union. The interviews were conducted online and the data were weighted to approximate a target sample of Adults based on gender, age, race, educational attainment, and region. Results from the full survey have a margin of error of plus or minus 3 percentage points.