When given a chance each year to change their employee benefits, including retirement savings options, most American workers don’t, a recent poll by insurance and benefits provider MetLife found. And just over half of those surveyed feel very confident that they will make the right choices for themselves and their families during this “open enrollment” period each fall.
The survey, which polled 523 full-and part-time workers aged 18 and older in late September, found that approximately one in five workers eligible to participate in a benefits enrollment last year failed to act and defaulted to the previous year’s choices or their employer’s default choices, according to an Oct. 15 MetLife press release. Men are twice as likely as women to fail to act, the poll also disclosed.
By taking a passive approach to benefits enrollment season, workers may be missing a chance to maximize their compensation package, MetLife said. In addition, the poll found that:
- Workers maintain the status quo. More than half, or 51 percent, of respondents reported they deliberately kept their choices the same, believing their needs were unchanged. Yet of those who actively reviewed enrollment materials, 43 percent deliberately kept the same options as compared with 58 percent who only briefly reviewed the same materials and chose not to change their benefits.
- Many don’t realize savings potential. Many employees miss the potential to save money from workplace benefits, even if paid for by the employee. In the MetLife poll, 68 percent of respondents said they would spend more time reviewing enrollment materials if they could save money by buying available group insurance products.
- Knowledge boosts confidence. Nearly two-thirds of those who read benefits materials in the last enrollment season said they felt very confident about making the right decisions this year. But only half of those polled who did not make the effort to review the information said they feel that confident.
When asked about “dream benefits” they would like to have from employers, respondents in the MetLife poll first named free or affordable medical coverage, followed by dental, vision and 401(k) retirement benefits. These benefits were cited more often than additional vacation time and gym memberships.
Click here to read the full story.