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Inflation and open enrollment: How one is impacting the other

Employer and employee conversing over paperwork

Inflation is causing many employees to feel financially strained. According to The Hartford’s Future of Benefits Pulse Survey, nearly half of all U.S. workers feel inflation is making it difficult for them to contribute to their employee benefits. Because of this, employees will consider options and determine how to best optimize their money spent. This year’s open enrollment may be more challenging for employers and benefits providers.

According to Voya research, 70% of workers are looking for employers to help them enhance their benefits selections. This includes retirement savings, healthcare, health savings accounts and voluntary benefits (e.g., critical illness, hospital indemnity, disability income or accident insurance). This same research also revealed that due to inflation, employees will spend more time during this year’s open enrollment reviewing their benefits selections compared to years past.

Read our Benefits Insights for tips on understanding how employees approach benefits selections and how employers can help employees better understand their options and make more informed decisions.

For more information about employee benefits, our services and products, contact HANYS Benefit Services by email or call 800.388.1963.

This article is intended for informational use only and should not be construed as professional advice. ©2022 Zywave, Inc. All rights reserved.

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