With open enrollment season fast approaching, working Americans are gearing up to make their benefit elections for 2024. Over the past few years, we've seen COVID-19 and inflation influencing the decision making for many. While inflation has moderated, many individuals are experiencing pain from elevated prices. According to recent Voya research, a majority (79%) of working Americans surveyed strongly or somewhat agree that they are worried their workplace benefits will cost them more because of inflation. This is a significant increase from 66% in June 2022, when inflation was at its peak. As the economy continues to recover from the dual financial impacts of the pandemic and inflation, many individuals are still feeling financial strain and will be looking to their employer for support. Given that backdrop, here are a few things benefits advisors and employers should keep in mind when it comes to providing support and tools to help employees this open enrollment season. 

Inflation and financial hardships remain at the forefront 

Although the cost of eggs has finally returned to "normal" levels, the overall value of goods and services and the ability to cover one's monthly expenses is still costing many Americans more. While health benefits remain a clear concern, many Americans today are faced with competing financial decisions when it comes to allocating their monthly paycheck. Things like student loan debt, being able to save for retirement and the ability to save for an emergency fund continue to be important considerations for individuals when it comes to their holistic financial picture. As a result, it's not surprising that 7 in 10 (72%) of employed Americans strongly or somewhat agree that they will spend more time reviewing their benefit elections during open enrollment to make the most of their benefit dollars because of inflation.

While open enrollment is primarily focused on health care benefit decisions, one can't ignore the impact enrollment decisions have on the ability to save for retirement. Three-quarters of Americans worry about the impact of inflation on their ability to save enough for retirement (75%), up significantly from June 2022. This correlation shows that inflation remains a concern for many, leading them to look for workplace benefit savings possibilities and support this annual enrollment — and employers have an opportunity to provide support in more ways than they have before.