It’s open enrollment season, which for many workers, might not mean much. That’s a costly misconception.
Nearly half of all employees spend 30 minutes or less reviewing their benefits before enrolling, according to recent research by employee benefits provider Unum.
The vast majority, or 93 percent, choose the same benefits year after year rather than making changes during the open enrollment period, according to a separate WorkForces report by Aflac.
“The decisions you make during open enrollment season can have a financial impact on you for the entire year,” said Julie Stich, an associate vice president at the International Foundation of Employee Benefit Plans.
Michael Simonds, the president and CEO of Unum, recommends considering short-term needs, such as braces for your child, and the long term, as in life insurance. “This is where being informed is important,” he said.
At the very least, workers should review their coverage to make sure it is still their best option.
This year, in particular, there could also be some changes to plans that are offered and the details of those offerings, making it even more important to pay attention.