
Many employees are currently feeling financially strained because of inflation. With open enrollment fast approaching, inflation could impact the choices employees make when it comes to their benefits. Employees are likely considering which benefits matter the most and how to optimize the money they spend on those offerings. As a result, this year’s open enrollment may be more challenging than usual for employers and benefits providers. This article explores how inflation is impacting employees’ benefits selections and approaches to open enrollment and outlines what employers can do to help.
How Inflation Is Impacting Employees
Nearly half of all U.S. workers stated that inflation is making it difficult for them to pay for their employee benefits, according to The Hartford’s Future of Benefits Pulse Survey. In addition, 40% of employees reported that they will cut back on the benefits they select during 2023’s open enrollment because of inflation, with younger workers being more likely to scale back their benefits than older workers.
According to Voya research, due to the financial stress inflation is placing on employees, 70% of workers want their employers to help them to optimize their benefits selections, including retirement savings, health care, health savings accounts and voluntary benefits (e.g., critical illness, hospital indemnity, disability income or accident insurance). This research also revealed that because of inflation, employees plan to spend more time reviewing their benefits selections during this year’s open enrollment than in years past.
Approaching Open Enrollment
Many employees want to optimize what they spend on their benefits and are looking to their employers for help.
By understanding how employees approach benefits selections, employers can help them make better choices during this year’s open enrollment season. According to The Hartford’s previously mentioned survey, employees often make the same benefits choices as they did in the previous year. The survey also revealed that employees tend to fall into one of the following categories when selecting benefits:
- Rollers—These employees elect the same benefits as they did in the previous year.
- Planners—These employees stay up to date on their benefits throughout the year to be prepared at open enrollment.
- Analyzers—These employees examine the coverage options presented during open enrollment and perform calculations for such options to optimize their benefits selections.
- Consulters—These employees need to consult with someone prior to making benefits selections.
- Avoiders—These employees prefer not to think about their benefits and ignore open enrollment communication.
Sign up for our newsletter.


