{"id":414640,"date":"2024-10-19T07:01:00","date_gmt":"2024-10-19T07:01:00","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=414640"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T14:00:00","slug":"Over-half-of-Americans-choose-their-benefits-by-price-during-open-enrollment","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/Over-half-of-Americans-choose-their-benefits-by-price-during-open-enrollment\/","title":{"rendered":"Over half of Americans choose their benefits by price during open enrollment"},"content":{"rendered":"

(BPT) – New Empower research explores the annual process and what matters most to American workers<\/em><\/p>\n

Over half of Americans (53%) report that cost is the primary driver for choosing benefits during open enrollment, and 35% of Millennials (27% of people overall) enroll in the least expensive option regardless of what the plans offer, according to research from Empower<\/a>, a leader in financial planning, investing and advice.<\/p>\n

Some 41% say they would have made different benefit elections if they had a better understanding of the options. Less than half of younger generations know where to find the information and details needed to make decisions about their benefits (44% of Gen Zers, 50% of Millennials). Fewer than 2 in 5 (38%) Americans feel that the open enrollment process is easy and user-friendly, and 37% admit to feeling overwhelmed when it comes to selecting benefits.<\/p>\n

Beyond healthcare (70%), dental (53%) and vision plans (45%), Americans rank access to retirement plans (45%) and financial advice (24% overall, 42% Gen Z) among the most important employer benefits.<\/p>\n

\u201cOur study shows that Gen Zers are especially craving financial advice, and it tops their wish list of workplace benefits,\u201d says Rebecca Rickert, head of communications at Empower. \u201cFrom a retirement plan to financial coaching, plus concrete safeguards like an emergency savings account, people highly value benefits that directly support their financial happiness.\u201d<\/p>\n

Americans have ideas for how to make the open enrollment process better. Nearly half (48%), including 60% of Baby Boomers and 53% of Gen Xers, would like to see a side-by-side comparison of plans and benefits, a clear explanation of pricing differences among plans (46%), and better pricing on plan options (44%). One in five (21%) say a longer enrollment period would improve the process.<\/p>\n

More findings:<\/strong><\/p>\n