Many workers had the opportunity to review and make changes to their benefits over the past year. For most, this took place during the fall 2023 open enrollment season. While the rate of inflation had slowed, workers continued to feel the impact of higher prices. The stock market was doing well, and the labor markets remained strong, and  these factors impacted how workers thought about their benefits and the potential changes they might make to their coverages. 

LIMRA conducted a survey in January 2024 to see what decisions workers recently made regarding their benefits in order to better understand the impact external influences had on their decisions. Knowing what is on the minds of workers can help benefits advisors, carriers, and others position conversations and strategies that lean into workers' thoughts and provide solutions to address them.

Almost 7 in 10 survey respondents reported that their employer had an open enrollment period during 2023. During that period, approximately 1 in 3 of these workers enrolled in or made changes to their insurance benefits. Those most likely to enroll or make changes were younger workers (Gen Z and Millennials) and those with children under the age of 18 in the household. Lower income workers were also more likely to enroll or make changes.