3 out of 4 employees are lost when it comes to benefits
A key component to retaining employees, attracting the most qualified candidates and keeping your workforce healthy is a benefits strategy but seeing the results of your efforts goes beyond providing all the options. When you combine an increase of employee benefit choices with different logins and content to understand how they work, someone can start to feel benefits overload. The intention of these benefits is to make employees feel supported and confident about how they manage their benefits, not frustrated about what to do or where to turn.
Studies show that more than 80% of employees are confused about their benefits (ameritasinsight.com)
Costly healthcare decisions can also happen when someone does not have a clear understanding since these decisions come with complexity on where to access care, what is covered by insurance and how to approach wellness. With the vast array of benefits and options, the details can become fragmented with different applications or websites, logins, and lengthy content. All this information takes time to navigate, which can result in information overload, costly health decisions, and gaps in care.
In a 2020 survey of more than 2,000 respondents by OnePoll on behalf of Bend Financial, on average, respondents with current health care coverage estimated that they waste $111 per month on confusion over their health insurance plan. Fifty-nine percent have put off making medical appointments and 53% have put off having a prescription filled out of uncertainty. And out of all respondents regardless of health care coverage, over a third (35%) have delayed getting a necessary check-up out of concern for how much it would cost.
Guidance, content, and navigation is necessary when 63% of employees do not know enough about how to leverage their company provided benefits (hardilyadvisor.blr.com)
Benefits overload decreases when you provide your employees with a centralized, digital front door for all their benefits, that is a single point of entry. This centralized location can simplify the process of finding answers on how their employee benefits can help improve their health and wellness because they now have the tools to navigate the complexity, so less stress and more engagement. The simpler and easier it is to find everything for their health in one place, the more likely they will make clearer healthcare decisions, drive daily habits, and make behavioral changes to their health and wellbeing.
A win-win solution
Avoid budget constraints or having to reduce benefit plans by using a human-centered approach to solve challenges with benefits navigation. This empathetic approach provides a seamless way for employees to navigate their benefits on the same end-end platform where they access the other health and wellbeing programs you offer. This pioneered innovation for benefit offerings leads to improved health and wellness for employees all while making things easier for them, not to mention reducing unnecessary healthcare costs to the company!
Additional Resources
The Do’s & Don’ts of Supporting Employee Wellbeing Right Now