Choosing Benefits

Did you know that a survey from Aetna finds that Americans rank choosing health care benefits as the second most difficult major life decision behind saving for retirement?

Survey participants reported that choosing health care benefits is more difficult than purchasing a car, making decisions about medical tests or treatments, parenting, and selecting homeowners, renters or auto insurance. Consumers who found health care benefits decisions difficult cited these reasons: the available information is confusing and complicated (88 percent), there is conflicting information (84 percent) and it is difficult to know which plan is right for them (83 percent).

The survey also finds consumers also remain in the dark about health reform. More than three-quarters of consumers believe that all of the key elements of reform are important for their families or them. However, 41 percent of respondents said they need more information on health care reform to understand its impact.

Why should you care?
Most companies feel that their employee benefit program is an important recruiting and retention program. Also, since healthcare premiums are a major expense for most companies, they want to ensure that the benefits are perceived as benefit by their employees.

So how do you help?
Communication is key elements in helping your employees understand their benefits and making wise decisions. Larger companies have specialists in their HR department that communicate the benefits and help the employees make informed decisions.

But what does a company do if they do not have the resources to have a specialist on staff?
Find broker who provides these services. My company is not only available for the open enrollment presentation, but we provide the opportunity for the employees to spend time discussing their needs to ensure that have a benefit package that works for them and their family.

Remember if your employees do not value your benefit package, then your company is not getting value for the premiums they are paying.