STOCK TITAN

Majority of working Americans select same health plan from prior year during benefits open enrollment, Voya survey finds

Rhea-AI Impact
(No impact)
Rhea-AI Sentiment
(Neutral)
Tags

Voya Financial (NYSE: VOYA) released survey findings showing 91% of working Americans typically select the same health plan during annual benefits open enrollment. Nearly half (49%) spend less than 20 minutes reviewing their workplace benefits, though 79% plan to spend more time reviewing options this year.

The research revealed significant naming bias in health plan selection. When branded, 74% chose Preferred Provider Organization (PPO) over High-Deductible Health Plan (HDHP) (26%). However, with unbranded names, the gap narrowed to 52% PPO and 48% HDHP. Only 3% of working Americans fully understand Health Savings Account (HSA) benefits, with awareness of retirement healthcare use (47%), tax advantages (47%), rollover options (43%), and investment capabilities (29%).

Voya Financial (NYSE: VOYA) ha pubblicato i risultati di un'indagine che mostrano che il 91% degli americani lavoratori sceglie tipicamente lo stesso piano sanitario durante l'apertura annuale delle iscrizioni ai benefici. Quasi la metà (49%) impiega meno di 20 minuti a rivedere i benefici sul posto di lavoro, anche se il 79% prevede di dedicare più tempo alla revisione delle opzioni quest'anno.

La ricerca ha rivelato un significativo bias di denominazione nella selezione dei piani sanitari. Quando erano brandizzati, il 74% ha scelto il Preferred Provider Organization (PPO) rispetto al High-Deductible Health Plan (HDHP) (26%). Tuttavia, con nomi non brandizzati, il divario si è ristretto al 52% PPO e 48% HDHP. Solo il 3% degli americani lavoratori comprende appieno i benefici dei conti di risparmio per la salute (HSA), con una consapevolezza dell'uso della sanità pensionistica (47%), dei vantaggi fiscali (47%), delle opzioni di rollover (43%) e delle capacità di investimento (29%).

Voya Financial (NYSE: VOYA) publicó los resultados de una encuesta que muestran que el 91% de los estadounidenses que trabajan normalmente eligen el mismo plan de salud durante la inscripción abierta anual a beneficios. Casi la mitad (49%) pasa menos de 20 minutos revisando sus beneficios laborales, aunque el 79% planea dedicar más tiempo a evaluar las opciones este año.

La investigación reveló un sesgo significativo en la nominación al seleccionar planes de salud. Cuando están marcados, el 74% eligió el Preferred Provider Organization (PPO) sobre el High-Deductible Health Plan (HDHP) (26%). Sin embargo, con nombres no marcados, la brecha se redujo al 52% PPO y 48% HDHP. Solo el 3% de los estadounidenses trabajadores comprende completamente los beneficios de las Cuentas de Ahorro para la Salud (HSA), con conciencia sobre el uso de atención médica durante la jubilación (47%), ventajas fiscales (47%), opciones de rollover (43%) y capacidades de inversión (29%).

Voya Financial (NYSE: VOYA)는 설문 조사 결과를 발표했으며, 91%의 미국 근로자들이 일반적으로 연례 복리후생 공개 등록 기간 동안 동일한 건강 계획을 선택한다고 합니다. 거의 절반(49%)이 직장 복리후생을 검토하는 데 20분도 안 걸리지만, 79%는 올해 더 많은 시간을 옵션 검토에 할애할 계획입니다.

조사 결과, 건강 계획 선택에서 이름 편향이 상당히 나타났습니다. 브랜드가 붙었을 때, 74%Preferred Provider Organization (PPO)를 선택하고 High-Deductible Health Plan (HDHP)는 (26%)에 불과했습니다. 하지만 비브랜드 이름에서는 52% PPO와 48% HDHP로 차이가 줄어들었습니다. 단 3%의 미국 근로자만이 건강 저축 계좌(HSA) 혜택을 완전히 이해하며, 은퇴 후 의료 사용에 대한 인식 (47%), 세금 혜택 (47%), 롤오버 옵션 (43%) 및 투자 능력 (29%)이 있습니다.

Voya Financial (NYSE: VOYA) a publié les résultats d'une enquête montrant que 91% des Américains actifs choisissent généralement le même plan de santé lors de l'inscription ouverte annuelle aux avantages. Près de la moitié (49%) passent moins de 20 minutes à examiner leurs avantages professionnels, bien que 79% prévoient de consacrer plus de temps à l'examen des options cette année.

La recherche a révélé un biais de nom significatif dans la sélection des plans de santé. Lorsque les noms étaient de marque, 74% ont choisi le Preferred Provider Organization (PPO) plutôt que le High-Deductible Health Plan (HDHP) (26%). Cependant, avec des noms non marqués, l'écart s'est réduit à 52% PPO et 48% HDHP. Seul 3% des Américains actifs comprennent pleinement les avantages du compte d'épargne santé (HSA), avec une sensibilisation à l'utilisation des soins de santé à la retraite (47%), aux avantages fiscaux (47%), aux options de rollover (43%) et aux capacités d'investissement (29%).

Voya Financial (NYSE: VOYA) hat die Ergebnisse einer Umfrage veröffentlicht, die zeigt, dass 91% der arbeitenden Amerikaner typischerweise während der jährlichen offenen Einschreibung für Leistungen denselben Gesundheitsplan auswählen. Fast die Hälfte (49%) verbringt weniger als 20 Minuten damit, ihre Arbeitsplatzleistungen zu überprüfen, obwohl 79% planen, in diesem Jahr mehr Zeit mit der Überprüfung der Optionen zu verbringen.

Die Forschung hat eine signifikante Namensverzerrung bei der Auswahl von Gesundheitsplänen gezeigt. Beim Markennamen wählten 74% den Preferred Provider Organization (PPO) im Vergleich zum High-Deductible Health Plan (HDHP) (26%). Bei unmarkierten Namen verringerte sich die Kluft jedoch auf 52% PPO und 48% HDHP. Nur 3% der arbeitenden Amerikaner verstehen die Vorteile des Health Savings Account (HSA) vollständig, mit einem Bewusstsein für die Nutzung von Gesundheitsversorgung im Ruhestand (47%), steuerlichen Vorteilen (47%), Roll-over-Optionen (43%) und Investitionsmöglichkeiten (29%).

Positive
  • None.
Negative
  • None.

New Voya research details employee decision-making when it comes to workplace benefits enrollment, leaving opportunity for greater employer engagement

WINDSOR, Conn.--(BUSINESS WIRE)-- Voya Financial, Inc. (NYSE: VOYA) announced today findings from a new consumer research survey detailing decision-making behaviors driven by working Americans during the annual workplace enrollment period. The results of Voya’s research reveal an overwhelming majority (91%) of working Americans “strongly agree” or “agree” that when it comes to selecting their health or medical plan each year during benefits open enrollment, they typically select the same plan from the prior year.1

Heading into open enrollment season, Voya’s research sought to further understand how employees are engaging with their benefits and the decision-making involved in their annual enrollment selection. While the research shows that inertia plays a role for employees in making benefits changes, having the tendency to select the benefits they enrolled in previously, Voya’s data also showed nearly half (49%) of benefits-eligible employed Americans spend less than 20 minutes reviewing information related to their workplace benefits during their employer’s open enrollment period.2 The good news is 79% of employees “strongly agree” or “agree” they will spend more time reviewing their employee benefits options and coverage than they did during the last enrollment period.1

“The workplace annual enrollment period is the one time of year employees can review and engage with their employer’s holistic benefits package, which should not be taken lightly,” said Nate Black, VP, Health Solutions Product Development at Voya Financial. “While it’s encouraging that most employees will be spending more time reviewing their options this year, now is also the time for employers to be engaging and communicating with their workforce about the value of the solutions they offer.”

“High Deductible” naming could create decision-making bias

When it comes to overall health plan selection, two of the most common plans employers offer are the Preferred Provider Organization (PPO) and the High-Deductible Health Plan (HDHP), where a PPO will typically offer a lower deductible with higher premiums and a HDHP offering higher deductibles with lower premiums. While HDHPs are often paired with a tax-advantaged health savings account (HSA), which enables the accountholder to contribute pre-tax funds to use toward eligible health care expenses, the “high deductible” name of the plan has proven to create biases for individuals who may not fully understand the plan’s benefits. According to Voya’s research, working Americans are almost three times more likely to choose a PPO over a HDHP when the plans are labeled their branded names of “Traditional PPO” (74%) and “High-Deductible Health Plan” (26%). However, when plan names are unbranded, removing “high deductible” from the plan name, the preference gap narrows considerably: 52% chose the unbranded PPO, and 48% chose the unbranded HDHP.1

“It’s clear that employees’ decisions can be driven by underlying, non-financial factors like inherent biases against HDHPs, their own inertia around decision-making and an aversion to high deductibles,” added Black. “As employees make several quick decisions during annual enrollment, further education and guidance around the benefits and solutions offered through the workplace is critical. Helping employees overcome these obstacles can enable them to make the best decisions and choices for them and their family — and potentially help create improved financial outcomes for employees and employers alike.”

Voya’s research also uncovered only 3% of working Americans understand the full benefits of an HSA, which is only slightly higher among HSA owners at 4%.1 This data underscores the notion that employees may be lacking an ability to build strategies to increase health care savings, cover medical and living expenses in retirement, or to use their account as an investment vehicle once the account balance reaches a certain threshold. Specifically, less than half of respondents were aware HSAs can be used to:

  • Pay for health care expenses in retirement (47%);
  • Provide tax advantages (47%);
  • Roll money over from year to year (43%); and
  • Be used as an investment vehicle (29%).1

As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.

  1. Voya Financial Consumer Insights & Research survey conducted Sept. 27 – Oct. 7, 2024, among 345 adults aged 18+ Americans, working either full time or part time, who have primary or shared household responsibility for making financial and health/medical plan decisions, are benefit eligible for employer-sponsored retirement and health plans, and currently enrolled.
  2. Voya Financial Consumer Insights & Research survey conducted Sept. 25-27, 2024, among 2,201 Americans aged 18+, featuring 513 benefits-eligible working Americans.

About Voya Financial®

Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company with approximately 9,000 employees who are focused on achieving Voya’s aspirational vision: “Clearing your path to financial confidence and a more fulfilling life.” Through products, solutions and technologies, Voya helps its 15.2 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with more than 12 million employees in the U.S. Certified as a “Great Place to Work” by the Great Place to Work ® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies ® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, Instagram and LinkedIn.

VOYA-EB

Media Contact:

Laura Maulucci

Voya Financial

(508) 353-6913

Laura.Maulucci@voya.com

Source: Voya Financial, Inc.

FAQ

What percentage of Americans keep the same health plan during Voya's open enrollment?

According to Voya's survey, 91% of working Americans 'strongly agree' or 'agree' that they typically select the same health plan from the prior year during benefits open enrollment.

How does plan naming affect health insurance choice according to Voya's research?

When plans use branded names, 74% choose PPO over HDHP (26%). However, when 'high deductible' is removed from plan names, the preference gap narrows to 52% for PPO and 48% for HDHP.

What percentage of people understand HSA benefits according to Voya's survey?

Only 3% of working Americans fully understand HSA benefits, with this number only slightly higher (4%) among HSA owners.

How much time do employees spend reviewing benefits during Voya's open enrollment?

49% of benefits-eligible employed Americans spend less than 20 minutes reviewing their workplace benefits information during open enrollment.

VOYA FINANCIAL, INC.

NYSE:VOYA

VOYA Rankings

VOYA Latest News

VOYA Stock Data

8.21B
95.87M
0.33%
101.84%
2.1%
Financial Conglomerates
Life Insurance
Link
United States of America
NEW YORK