November 17, 2020 PR
Newswire
This open enrollment
season is unlike others, according to new research from employee benefits
provider Unum. Workers plan to spend more time reviewing their options, choose
new insurance benefits, and increase their coverage due to COVID-19.
"Choosing your
benefits is one of the most important financial decisions you'll make this
year," said Rob Hecker, vice president of Global Total Rewards at Unum.
"Today's pandemic reminds us we need to be prepared for life's unexpected
health events."
Unum's research among
1,500 full-time U.S. workers in October 2020 found new trends due to this
year's pandemic.
·
More than 1 in 3 workers (36%) plan to enroll in
different benefits this year.
·
2 in 3 workers (64%) plan to pay more attention to
their employee benefits and spend more time reviewing and understanding them.
·
Workers plan to enroll for the first time or increase
their coverage in life insurance (27%), hospital insurance (14%),
short- and long-term disability insurance (12%), and critical illness coverage
(12%).
·
Nearly 3 out of 5 workers (57%) report financial stress
or hardship.
·
57% of U.S. workers worry about their mental health.
Enrollment goes virtual
More employers are offering virtual benefits education this
year. According to 400 companies surveyed in June, 42% will offer virtual video
conferencing or co-browsing with a benefits counselor, up from
23% last year. In-person meetings with benefits counselors will drop from 49%
in 2019 to 33% in 2020.
"Virtual live video
counseling can be highly effective and engaging just like in-person benefits
counseling, while also keeping everyone safe and overcoming barriers of
distance," said Richard Shaffer, vice president of Field and Market
Development at Colonial Life—a provider with more than 10 years' experience
managing virtual enrollments.
"You can freely discuss your finances or health from your home and include
your partner or spouse in the conversation."
High deductible health
plans still popular
More than half of workers (53%) said they are likely to enroll
in a high deductible health plan. This is despite 3 out of 5 workers reporting
financial stress or hardship, and 45% agreeing they found it hard to pay for
out-of-pocket medical costs not covered by insurance.
Social media beats
benefits
Despite allotting more time to open enrollment than previous
years, 9 out of 10 workers (88%) will spend 60 minutes or less reviewing their
benefits before signing up. That's half the amount of time they'll spend
browsing social media in one day.1
Break down your benefits
Download Unum's Annual Enrollment Guide for
an overview of common workplace benefits. You'll find clear definitions on
common coverage, tips for evaluating what you may need depending on your unique
situation, and information on who pays for these benefits—you, your employer,
or a combination.
About Unum
Unum
Group (www.unum.com)
provides a broad portfolio of financial protection benefits and services
through the workplace, and is a leading provider of disability income
protection worldwide. Through its Unum US, Unum UK, Unum Poland, and
Colonial Life businesses, the company provides disability, life, accident,
critical illness, dental and vision benefits that protect millions of working
people and their families. Unum also provides leave and absence management
services that streamline the leave experience for employers and employees, and
stop-loss coverage to help self-insured employers protect against medical
costs. Unum reported revenues of $12.0 billion in 2019 and provided $7.5
billion in benefits.
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1 Statista
"Social media: Global daily usage 2019, by region" (2019)
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