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Aflac Survey Finds

2 in 5 American Workers Spend Less Than 15 Minutes on Benefits Selection

Selecting the right health insurance plan may be one of the most important decisions Americans will make this open enrollment period, yet many workers do very little research on their health benefits. In fact, 41 percent of employees spent 15 minutes or less researching their benefit options during the 2013 open enrollment season; and nearly a quarter (24 percent) spent five minutes or less according to the newly-released 2014 Aflac Open Enrollment Survey, conducted in June and July 2014 among 2,100 U.S. consumers. In contrast, American workers typically spend more time:

Considering that employees pay an average of $4,565 a year in premiums for an employer-sponsored health plan which helps protect their financial well-being as well as those of their loved ones, the 15 minutes allocated to benefits selections pales in comparison to time spent researching popular consumer purchases.

Common enrollment mistakes. Those who don’t set aside time to research their insurance options may make hasty benefits decisions and end up wasting money. The survey found that the majority (90 percent) of workers are “auto-enrolling” or keeping the same benefits year after year. And, 4 in 10 (42 percent) workers waste up to $750 each year on mistakes with their insurance benefits. The survey also revealed:

Take advantage of benefits education resources. To be prepared for open enrollment this year, it’s essential for workers to be proactive and take advantage of the benefits education resources available to them. To minimize confusion during the benefits selection process, consider encouraging the following:

Source: cch.com; Aflac