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August 31, 2022

The Hartford: 40% of U.S. workers will scale back on benefits due to inflation

By Skyler Frazer

A new report from The Hartford says that 40% of employees in the country plan on scaling back the benefits they choose during open enrollment because of inflation, and younger workers said they’re more willing to do so.

The Hartford said it polled about 900 full-time and part-time employed adults in the United States from July 26 to July 28 for its new report, which found that 51% of workers between the ages of 18 to 34 would reduce the benefits they choose compared to 41% of those between 35 to 54 and 25% older than 55.

Further, 48% of those polled said inflation is making it harder for them to pay their current benefits. 55% of workers said they should know more about their employee benefits beyond medical, dental and vision plans than they currently do, and 37% said that their options are hard to understand based on how they’re written.

The survey said that 30% of U.S. workers typically choose to roll over the same benefits they picked last year during open enrollment, and 39% said they usually enroll as soon as the annual window opens.

The Hartford said employers should use clear language and messaging when talking about insurance offerings, and discuss benefits year-round through emails, videos and webinars so employees continue to learn about what’s available. 41% reported that they’ve used social media to learn more about their benefits, so that could be a good opportunity for employers to reach their employees, the report said.

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