The median mortgage payment in the U.S. is about $2,200 per month.1 The average cost of health insurance for a family of four in the U.S. is about $1,997.2 Despite the similar financial commitment involved, the decision-making process for selecting a house and electing medical benefits could not be more different.
The average homebuyer spends weeks, if not months, selecting the perfect house. In stark contrast, electing their medical benefits during benefits enrollment takes them less than an hour on average.3
Why is the process of electing benefits so different from buying a house?
1. Lack of information: Many employees do not fully understand their benefits and unfortunately lack the information and tools needed to assess them so that they can make informed benefits decisions.4,5,6
2. Insufficient support: Homebuyers have realtors to guide them through the process, offering expert advice and personalized options.
3. Lack of prioritization: Many people view their benefits decision as a mundane administrative task whereas buying a house is viewed as a significant decision.
Find out how to support and help educate employees so they can elect the optimal medical benefits based on their needs. Just as they would expect guidance when understanding factors like interest rates, neighborhood quality, and long-term investment when buying a house, they also need clear information to elect their benefits.
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