According to research from The Guardian Life Insurance Company of America, one of the nation’s largest mutual life insurers and a leading provider of employee benefits, Millennials are by far the most confident about their ability to make the right benefit decisions, with 96 percent feeling “highly confident” versus 66 percent of Gen Xers and 64 percent of Baby Boomers.
Additionally, nearly 80 percent of employees spend less than a total of two hours evaluating their insurance benefits options, including group medical, dental, life and disability insurance.
Only 32 percent of all employees described their approach to open enrollment as one that incorporates a “careful review” of their benefits details and options. Millennials are more likely than their older co-workers to say they carefully enrolled in available benefits options (50 percent vs. 30 percent of Gen Xers and 31 percent of Baby Boomers). Yet research indicates that Millennials may be underinsured.
A smaller percentage of Millennials (78 percent) are currently enrolled in available benefits as compared to their older colleagues (92 percent), particularly life (48 percent vs. 71 percent) and disability insurance (53 percent vs. 68 percent).
While online benefits enrollment has become the new normal—with its use more than doubling in five years to 62 percent—many of the same communication and engagement challenges still persist.
A majority of workers, regardless of age or life-stage, say they try to better understand their benefits options by reading their benefits materials (77 percent) and reviewing their prior year’s selections (66 percent), however, a minority reported that they have attended benefits meetings (37 percent), spoken with a benefits advisor (29 percent), used online planning tools (28 percent) or spoken with a carrier representative (14 percent) prior to enrollment.