August 21, 2012
percent of employees estimate they waste up to $750 because of mistakes made
with insurance benefits elections, according to research. ---
Only 16% of employees feel confident they are not making
mistakes during the enrollment process, the 2012 Open Enrollment Survey of the
Aflac WorkForces Report (AWR) found. More than six in 10 workers surveyed (61%)
are only sometimes or not at all aware of changes to their policies each year,
and 89% say they simply elect the same benefits options every year.
Nearly half (47%) rarely or never exceed deductible costs,
and only 16% contribute the right amount to flexible spending
While many American employers surveyed feel they are
adequately educating their workers about benefits options, employees disagree.
The survey found nearly two-thirds (65%) of employees feel they are only
somewhat prepared or not prepared for open enrollment.
Forty-nine percent of employers say
they communicate very to extremely effectively with their workers about company
benefits. More than half of workers (52%) say their company has not
communicated with them at all about the open enrollment process.