Topic Spotlight

 

FEATURED PRODUCT

CCH's Law, Explanation and Analysis of Health Care Reform Legislation
Get full explanation and analysis of every aspect of health care reform legislation. These legislative changes will imminently impact thousands of employers, private insurance providers, and the Medicare and Medicaid programs. Pre-order today and save $20!

Learn More »

One in five employers report that missing open enrollment costs workers more than $1,000 in out-of-pocket expenses

As the open enrollment season comes into full swing, experts encourage workers to pay particularly close attention to benefit elections this year to help offset financial challenges brought on by the recession. One-in-four workers (25 percent) report that they don’t pay attention to benefit changes, figuring the same benefits would roll over from the previous year or feeling that the whole process is too confusing. Fifteen percent of hiring managers estimate more than 10 percent of their employees miss annual open enrollment deadlines each year on average. The survey, completed in September, included more than 2,900 hiring managers and more than 4,000 workers nationwide.

How much money do workers stand to lose? Human resource managers warn that failing to participate in open enrollment can have negative consequences on one’s pocketbook. One-third (34 percent) of human resource managers said missing open enrollment costs employees, on average, at least $500 in out-of-pocket expenses. Twenty percent reported that it costs employees more than $1,000 while 10 percent reported it costs employees more than $2,500.

To Read the Rest of this Article

Subscribers click here.

Not a subscriber? Subscribe today.

For More Information

Employee Benefits Management provides plain English explanations on creating, evaluating, and administering all types of employee benefit plans. Get practical guidance on the full spectrum of employee benefits including health plans, family leave, 401(k) plans, and more. Learn more »