Sep 06, 2022
When presenting health insurance plans, don’t assume that employees understand their options. Many are in the dark about basic health insurance facts, according to a Harris Poll survey for Justworks. Seventy-two percent say they wish someone would tell them what the best health insurance is for their situation.
Fifty-four percent don’t completely understand what their health plan offers and 53% don’t think they’re getting the most from their coverage. There’s a wide knowledge gap, even among employees who claim to know a lot about health insurance. Employees desperately need answers to questions like these:
- Can I keep My FSA If I Change Jobs? Seventy-five percent assume they can keep their FSA even if they leave their employer or they’re not sure
- Can I Make Changes to My Health Plan After Open Enrollment? Sixty-three percent assume they can make changes to their health insurance plan or dependent coverage mid-year after enrolling or they’re not sure
- Can I Enroll in the HSA? Fifty-nine percent don’t know that they can only enroll in an HSA if they are enrolled in a high-deductible health plan
- What’s a deductible? Fifty-four percent assume that a deductible is how much your insurance will pay for various health services or they are not sure
Why it Matters
Without the right guidance, employees often select the same insurance every year, even if it’s not the best option. Nearly half say they feel pressured to choose the most expensive health plan to make they sure have the coverage they need. Employees who are not happy about their health insurance are more likely to move on. Sixty-three percent say that their company’s health insurance offerings affect how much they want to keep working there.
The Knowledge Gap Is Worse for Younger Employees
Younger people tend to be less knowledgeable about health insurance, less comfortable asking questions of their HR reps, less clear on what their current health insurance offers, and more likely to feel pressure to select the most expensive health plan to ensure they have the coverage they need. Younger employees are more likely to be uncomfortable asking their company’s HR rep questions about health insurance enrollment.
