In the ever-evolving landscape of employee benefits and healthcare plans, one striking revelation has emerged: fewer employees are confident in understanding their healthcare plans in 2023 compared to the previous year. According to the 2023 Healthcare Literacy Report by Optavise, this lack of confidence has a direct correlation with employee satisfaction, highlighting a pivotal opportunity for employers to bridge this knowledge gap and enhance their workforce’s wellbeing. As an insurance brokerage committed to personalized solutions, Brookshire Benefits stands as the ideal partner to help employers navigate this complex terrain.
A Strong Link Between Confidence and Satisfaction
Optavise’s report sheds light on a compelling connection between employee confidence in comprehending their healthcare plans and their overall satisfaction. Astonishingly, 90% of employees who expressed extreme confidence in understanding their healthcare plans reported being highly satisfied with their plans. On the contrary, a mere 13%-14% of employees lacking confidence exhibited similar satisfaction levels. This strong link underscores the significance of investing in employees’ benefits education.
“Employees still are not getting the information they need to make informed choices about their health care coverage or how to use that coverage effectively,” reveals Optavise’s 2023 Healthcare Literacy Report.
Addressing Knowledge Gaps Through Expertise
The survey of over 1,000 U.S. workers reveals an intriguing array of strategies employees adopt to bridge their knowledge gaps. While 35% self-educate through online research and reading, a substantial 46% rely on friends, family, and co-workers for benefits information, despite their lack of expertise. A striking revelation is the decline in the percentage of employees (27%) receiving information from their employer’s HR team, down from 30% in 2022.
This knowledge deficit is particularly evident in education, retail, and manufacturing industries, further underscored by the generational divide. Older generations exhibit greater understanding, with 80% of baby boomers acquainted with key health care terms, compared to 60% of Gen Z.
The Role of Employers and Brookshire Benefits
Employers emerge as pivotal players in enhancing employees’ healthcare literacy. Optavise’s report highlights that while online resources (63%), printed materials (49%), and emails (44%) are commonly used by employers to provide information, employees find these methods less effective than one-on-one conversations. This underscores the value of personalized interactions, something that Brookshire Benefits excels in.
By collaborating with Brookshire Benefits, employers can facilitate group or one-on-one sessions with HR experts, significantly boosting employees’ health literacy. Such sessions not only improve understanding but also elevate the likelihood of employees supplementing employer-sponsored coverage with additional plans to cater to their unique needs.
Moreover, the report highlights that mandatory annual reenrollment prompts employees to review their coverage and add plans to bridge gaps. Employers, with the guidance of Brookshire Benefits, can educate their workforce on reviewing coverage, comparing medical costs, and scrutinizing medical bills for inaccuracies, thereby enhancing employee confidence, literacy, and satisfaction.
As the healthcare landscape grows more intricate, it becomes imperative for employers to empower their workforce with comprehensive knowledge about their benefits and healthcare plans. The link between employee confidence and satisfaction underscores the transformative potential of investing in employees’ benefits education. Brookshire Benefits, with its personalized approach, extensive network, and dedication to customer service, stands ready to assist employers in this endeavor. Together, we can usher in a new era of informed and empowered employees, leading to improved wellbeing, engagement, and overall organizational success.