Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
July 29th, 2015
Benefits & Administration
Employees Rely on Benefits for Financial Preparedness
Forty-two percent of employees get most or almost all of their insurance products through the workplace, and 68% rely on their benefits for at least half of their financial preparedness, according to Guardian Life Insurance Company’s Workplace Benefits Study. However, many workers do not take advantage of their workplace benefits due to ineffective communication or education. Employers should focus more effort on explaining benefits to their employees, Guardian says.Read more >
Kim Landry, insurance research analyst at LIMRA, says it’s not surprising that more than eight in 10 employees focus on cost information when selecting their benefits during open enrollment. Seventy-two percent of employees surveyed said they will look at detailed benefit plan descriptions when available. LIMRA asked employees what communications they valued most when selecting their benefits.Read more >