Benefits

Experts touched on pragmatic features to improve financial wellness in a post-COVID-19 environment.   

A panel sponsored by Fidelity discussed building confidence when navigating the health care system.

More employers are helping workers restructure loans, and some are even repaying the loans directly.

Life insurance, dental insurance, health and flexible spending accounts, and financial planning tools are on workers’ radar, according to MetLife.

More than half plan to make changes during open enrollment, according to Voya Financial.

But many said they might be looking to cut costs in other ways.

More classifications of employees, a remote work environment and employees placing a greater value on benefits means employers have more to consider for benefit offerings and communications.

A Retirement Advisor Council paper recommends ensuring the program is accessible and usable to anyone regardless of literacy, wealth or earnings.

It would increase public pension plans’ required contributions and result in lower contributions by members.

Large employers will expand mental and emotional well-being services and access to virtual care, and the pandemic is making it hard to predict future health care costs.

Whether there is a detrimental effect depends on what Congress does.

Prior to the pandemic, ultra-low unemployment put a spotlight on ‘lifestyle benefits’ for employees. The COVID-19 downturn has already shifted the focus of many plan sponsors.

Amid the pandemic, many are pausing their cash balance plans out of concern that there could be insufficient cash on hand to make required contributions.

Fidelity Investments reports the more an employer communicates with workers on benefits, the likelier they are to use them.

The report highlights how a loan or distribution option under the CARES Act can affect employees.

As unemployment rises and employees retire sooner, experts say Social Security will be exhausted faster than predicted.