11/12/2019

The Fatal Flaw of Open Enrollment

A lack of benefits literacy

All the work that you’re putting into your association’s open enrollment may not be doing much if it’s not connecting with your employees.

And there may be signs of a disconnect. In fact, it might even be something of a literacy problem—a benefits literacy problem.

This problem, as CNBC notes, is exemplified by the fact that many employees rarely make changes to their existing benefits packages. One study, by the insurance firm Aflac, found that 93 percent of respondents keep with a benefits package rather than change it up as needed—leading to situations of healthcare overpayment, failure to get the full 401(k) match offered by employers, or missing unique benefits that could save employees money down the road.

Please select this link to read the complete article from Associations Now.