For many people, 2020 was a year of crisis and updated health benefits fell to the wayside. But now, new benefits that address the full spectrum of employee health can help move people through these moments of crisis and toward the future. Now more than ever, employers have an opportunity to refocus on what matters most in order to set their employees up for long-term success and better prepare them for future health and financial crises.
For younger generations in particular, they have lived only in a digital age and have high expectations for flexibility, convenience and personalization of their benefits. They are generally in good health and are less likely to be dealing with chronic conditions or high-cost prescriptions. Many are single and have delayed starting families, which simplifies their considerations when choosing coverage. Members of this generation are also great adopters and proficient users of technology, which makes them much more receptive to change.
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After the upheaval of the pandemic, the desire for greater flexibility and more tech-driven health benefits solutions has only increased. Yet employer adoption of technology continues to lag, with only 28% of consumers saying their employers offer digital health and benefit tools, and only 22% of consumers leveraging technology for healthcare benefits enrollment and investment. As a result, more than half of consumers still track healthcare coverage, care and spending via paperwork.
To keep up with the expectations of their younger employees, employers can consider the following:
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Virtual care coverage: 40% of consumers aged 18-24 have prioritized virtual care.
Flexible healthcare coverage: 65% of consumers are very interested in having an employer deliver pretax dollars via an individual coverage health reimbursement arrangement that they could use to purchase a health plan in the marketplace.
Smart technology: Offer benefits technology that uses AI and machine learning to deliver personalized guidance, helping employees become savvier spenders and savers.
Investment technology: Younger employees want to invest their money, but many don’t know where to start. An easy-to-use investing tool embedded directly within a health benefit account experience can help bridge this gap.
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Keeping a pulse on the expectations of younger generations of employees will be key in being able to offer up the best benefit solutions. With technology on their side, employers are positioned to keep up with their needs.
When it comes to paying for this care, employees are increasingly looking to their employer for more financial help. A recent Alegeus survey found that 62% of employees believe employers have a responsibility for their employees’ financial well-being, beyond salary. Yet, 69% of employees say their employer doesn’t currently offer any financial well-being support.
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Employers should offer training courses on how to select the right benefits, provide financial counseling and advice at all stages of their financial journey and offer mobile services for easy financial progress tracking.
To set up their employees for future success, employers must embrace the opportunity to meet all employees where they are, with the right tools and benefits that will help them take control.
