Workers Don't Understand Benefit Plans

When employees maximize their employee benefits, they can choose the best medical plan, save tax dollars and improve overall financial security.

But that may not be happening for most workers.

According to the Metlife 2008 Employee Benefits study, only one in four employees thinks benefits communication is effective. In focus groups conducted by by communications firm Davis & Company, employees confirmed MetlLife's results. Samples of comments include "There's too much jargon" and "I often don't understand what im supposed to do differently."

The MetLife survey also showed that only 44% of workers are satisfied with their benefits and 55% don't fully understand critical details about their insurance coverage.

In a time when people want to reduce costs and save as much as possible, benefits can play a big role. Pre-tax benefits, flexible spending accounts and health savings accounts can all help. With a little boost to employee communications, employees may find the savings they need right now.

Comments

[Dan]

I agree that most employees don't take the time to understand what they are entitled to. Base salary is just one piece of the employment contract. And in these challenging times, for than ever, it's worth taking the time to educate yourself to save some serious cash.