Inflation’s Impact on 2023 Open Enrollment
Many employees are feeling financial stress because of inflation. With open enrollment fast approaching, inflation could impact employees’ benefits choices. According to The Hartford’s Future of Benefits Pulse Survey, 40% of U.S. workers reported that they will cut back on the benefits they select during 2023’s open enrollment because of inflation. As a result, this year’s open enrollment may be more challenging than usual for employers.
Employers can take steps now to help their employees better understand their benefits options and make informed decisions. Employers can assist employees this open enrollment season by:
- using multiple communication channels;
- employing clear language and personalized messaging;
- highlighting the services that come with coverage.
By communicating effectively, employers can help employees optimize their inflation-strained resources and make the best benefits selections for themselves and their families during this period of financial difficulty.
How employers can address substance misuse
The National Safety Council found that one in 12 workers is dealing with an untreated substance use disorder. Employee alcohol and substance misuse or addiction can have serious ramifications for employers. Employees who engage in risky substance use are absent more often, have lower productivity and poor work performance, and are more susceptible to injury due to accidents.
The NSC reports that employees with an SUD have double the healthcare costs compared to employees without one. These costs can represent a significant burden to employers and can include fiscal liability if an employee’s impairment at work causes a workplace accident.
Employers can play an essential role in decreasing the social and financial burden of substance misuse and guiding the development of a healthy and productive workforce. Employers should consider developing an employee benefits program that is holistic and addresses prevention, screening and treatment options while taking deliberate steps to protect employees’ privacy.
For more information about employee benefits, our services and products, contact HANYS Benefit Services online or call 800.388.1963.
The information in this newsletter is intended for informational use only and should not be construed as professional advice. © 2022 Zywave, Inc. All rights reserved.