Voya Financial, announced new findings from a consumer survey that shows the majority of working Americans will be looking to their workplace benefits for health and wealth support due to COVID-19, especially as they prepare for open enrollment in the midst of a global pandemic.
HR Technology News: TecHRseries Interview with Gianni Giacomelli, Chief Innovation Officer at Genpact
While most working individuals (84%) believe that their core benefits (e.g. medical, vision and dental) are sufficient in helping cover unplanned medical expenses, Voya’s new survey also found that roughly 7-in-10 employees (71%) plan to spend more time reviewing voluntary benefit options offered by their employers as a result of COVID-19 than they did during the last enrollment period. Plus, more importantly, the survey reveals that more than half (53%) plan to make changes to their benefits coverages.
HR Technology News: TecHRseries Interview with Troy Thibodeau, Chief Marketing Officer, Ascentis
“With COVID-19 part of our daily lives for the foreseeable future, our new survey reveals that many are focused on ways that they can protect the health and wealth of themselves and their families, and they recognize workplace benefits are a way to do just that,” said Rob Grubka, president of Employee Benefits, Voya Financial. “As a result, this upcoming open enrollment season — which typically occurs in the fall for millions of Americans — presents an opportunity for individuals to rethink and revaluate previously untapped benefits offered by their employer. This is not the year for employees to hit the ‘default button’ on their workplace benefits, and I find it encouraging to see that more working Americans plan to take positive steps during their next open enrollment period.”
When asked which employee benefits would help better manage their current needs, health savings accounts (HSAs) or flexible spending accounts (FSAs) were mentioned by nearly 4-in-10 surveyed employees (38%) — followed by 35% of employees selecting supplemental health benefits like hospital indemnity insurance, critical illness insurance, or short-term and long-term disability income insurance.
HR Technology News: HR Tech Leader Aliro is the Powerhouse Behind New D&I Job Referral Site