The pandemic has revealed the financial devastation inadequate health coverage can bring. The median cost of COVID-related hospitalization for those 23 to 60 years old without insurance was $34,662 to $45,683, according to a July study by Fair Health. With insurance, this range dropped to $17,094 to $24,012.
With numbers like these, it’s no wonder American workers are planning to take a closer look at their voluntary workplace benefits this open enrollment season.
Recent research by Voya Financial reveals that more than two-thirds of American workers intend to spend more time reviewing their voluntary benefits ahead of open enrollment, and more than half plan on making changes to their elections. For financial advisors, this means open enrollment 2021 may bring new opportunities and responsibilities in guiding your clients through the enrollment process.
We spoke with Mona Zielke, senior vice president of employee benefits claims and operations at Voya