Wed, 16 September 2020 | workplace
A recent consumer survey 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.
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.
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.