The 4 Important Insurance Terms Gen Z Employees Need To Know. Gen Z employees often struggle to understand common insurance terms. Learn about how employers can help with financial wellness benefits.

Insurance is a complex topic, no matter how experienced you are. However, Gen Z employees are suffering from a lack of knowledge of insurance terms and policies. In fact, when surveyed by the National Association of Insurance Commissioners (NAIC), only about a quarter of Gen Z adults could define the terms “deductible” (27%) and “copay” (29%). Around 35% said they could define “out of pocket.” Just 19% said they understood the term “out-of-network.”

Engaging with insurance is key to developing a strong sense of financial security. You can accrue significant savings from the right health, auto or renters policy. These can prevent many Americans from taking on crippling debt.

Here are the top insurance terms your Gen Z employees should know and why they matter.

The Top Insurance Terms Your Gen Z Employees Should Know

Open Enrollment is when employees can sign up for, adjust or change their health insurance policies. It is vital for employees to understand when this period starts and ends, in order to be prepared if they (or someone in their family) get sick. Reviewing their plan may also expand their ability to receive prescription drugs and specialized care for certain illnesses.

A MetLife survey found that 30% of Gen Z workers regretted their open enrollment decisions, with over 25% saying they didn’t select enough benefits during the year before. In fact, nearly half of Gen Zers said they waited too long before choosing benefits and 53% said they didn’t understand what was being offered.

A deductible is the amount of money an individual pays (per year or per condition) before insurance companies begin covering any expenses. A copay is a similar fixed payment that occurs each time an individual sees a doctor. A premium represents the actual cost of an insurance plan, dictating the amount a person pays to keep their plan active.

According to WorkLife, only 60% of Gen Zers understand these three insurance terms and can explain how they relate to their coverage. Confusion surrounding insurance often causes people to turn to unreliable sources for help, which can lead to uninformed decisions. Defining insurance terms will allow employees to make the most out of their healthcare benefits and prevent them from being blindsided by unexpected expenses or lack of coverage.

Financial education bridges the information gap

In order to support your younger employees, insurance education must be transparent and personalized to each individual. To ensure your employees understand their insurance policies, include financial wellness into your benefits program.

A financial wellness program offers comprehensive educational resources that gives your team the best chance to succeed when they have questions about their insurance policies. Their pressing questions about insurance, open enrollment and other guidance are packaged into simple, easy-to-understand articles and videos.

It’s clear that financial education, especially surrounding insurance, is vital for your employees’ success. Whether your workforce is fresh out of college or preparing for retirement, the help they need is readily available if your focus targets their financial wellness needs.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

Employees Face a Healthcare Crisis. Here’s How You Can Help. Employees are experiencing a healthcare crisis due to financial concerns. These are the best strategies employers can use to help.

American families are in the midst of a healthcare crisis and employer-sponsored health insurance can’t keep up. Even with support from employee health insurance programs, millions of American families cannot afford the full care they need.

When surveyed by employee experience company Perceptyx, almost 60% of respondents felt they didn’t have the right health care benefits to cover their care. Another 40% of Americans with employer-sponsored health insurance say they’ve postponed healthcare needs over concerns about cost, according to a study commissioned by health payment card provider Paytient.

Over time, postponing healthcare concerns can further decrease employees’ health and well-being. Learn how companies of sizes and across all industries can help employees access needed care, improve their overall well-being and manage the looming healthcare crises.

Even with insurance, many employees struggle with medical debt

Despite having employer-sponsored health insurance, research has shown that many employees struggle to access healthcare. Having health insurance does not guarantee access to healthcare or the ability to afford it.

Employees often pay out-of-pocket for a portion of their healthcare costs (e.g., copay or deductible). And after multiple visits or treatments, healthcare costs can rack up fast.

About 15 million people carry over $1000 in medical debt, according to the Kaiser Family Foundation (KFF) and about 3 million people carry over $10,000 in medical debt.

To avoid looming medical debt, employees may forgo key healthcare practices, such as:

1. Filling their prescriptions
2. Receiving surgery and procedures
3. Attending a routine medical appointment or checkup

Delaying care can have long-term physical and mental impacts on employees. According to the same Paytient survey, one in six respondents reported that their work suffered from delaying needed care and 31 percent reported lying to an employer while dealing with the effects of not treating their illness or injury.

Your team deserves to feel secure that they can afford healthcare when needed — but are your benefits doing enough to help?

How to help employees manage (and prepare for) a healthcare crisis:

At some point in one’s career, many employees experience some sort of healthcare crisis. What’s important is that employees don’t feel alone while navigating these difficult waters. Here are some tips on how to help employees weather healthcare crises and prepare for the future.

• Emphasize the importance of your Open Enrollment period. Once a year, employees are given a small window known as Open Enrollment, during which time they can make changes to their healthcare coverage. For most employees, this is the only time during which such changes will be possible, aside from select special circumstances. So, when making Open Enrollment decisions, it’s important that employees know how to best utilize this period of time and the healthcare benefits available to them. Employees must be supported in making well-informed decisions during this time as these decisions determine employees’ (and their families’) healthcare coverage and costs for the year ahead. Well before the Open Enrollment period begins, spend time talking to your workers about their benefits options.

• Use modern communication methods to share key healthcare info and reminders. When communicating healthcare information and deadlines to employees, consider complementing traditional communication methods with more modern alternatives. For instance, in addition to sending employees emails and letters, use Slack or Teams messages to share reminders on key healthcare information and deadlines. Reminders, especially from multiple touch points, can be an effective catalyst to improving employee health, both during Open Enrollment and beyond. According to the Agency for Healthcare Research and Quality, adults that receive multiple reminders about their health and healthcare are more likely to receive essential healthcare, such as immunizations and preventative care. Moreover, reminders about key healthcare information can help foster trust between employees and their employer — it demonstrates corporate investment in employee wellbeing.

• Adopt a financial dashboard to help employees manage healthcare expenses. Managing healthcare costs isn’t easy. One medical emergency can dramatically change a family’s financial situation — what may seem like simple procedures and treatments can end up costing hundreds to thousands of dollars for employees. Over time, unpaid medical bills can lead to medical debt.To help employees manage their healthcare costs and avoid medical debt, consider adopting a comprehensive money management dashboard. This can help employees track, manage and predict their medical expenses and much more. With these insights, employees can better understand their healthcare spending habits and make well-informed decisions accordingly. For instance, some families may find that they can dial down their healthcare spending and use that money toward something else, such as covering a car repair or saving for a home. Others, such as those expecting a new addition to the family, may need to increase how much they budget for healthcare costs.By understanding how your employees think about their healthcare costs, companies can make more accurate predictions about their own healthcare expenses.

Help your team face any healthcare crisis head-on with help from Best Money Moves’ intuitive financial wellness platform.

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster employee financial wellbeing.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

Understanding Gamification (The Key to Better Benefits). Gamification is a powerful tool for motivating employees at work. Learn how gamification strategies can improve performance and encourage benefits usage.

Gamification is a powerful tool for motivating employees at work and a valuable addition to financial wellness benefits. These strategies educate employees while encouraging them to set and meet their financial goals in engaging ways.

Also called “motivational design” or “game learning,” gamification involves incorporating interactive elements into various activities throughout an employee’s day-to-day. Doing so may help employees connect with their teammates and company culture, improve business operations or increase employee benefits usage. These strategies can take many forms, from achievements and leaderboards to motivate users, to point-based loyalty programs that encourage frequent purchases.

A survey conducted by TalentLMS found that 83% of employees who used gamified training felt more motivated at work, with 89% reporting feeling more productive and 88% feeling happier. In contrast, 61% of employees who received non-gamified training felt bored and unproductive.

The idea behind gamification is to leverage competition and incentives to meet personal and company goals. However, overdoing it can demotivate employees. Here are some key considerations for gamifying your financial wellness programs.

1. Have defined, measurable goals (and make sure your employees understand those goal).

Start by assessing the overarching goals of your financial wellness program and what you want your employees to achieve through their participation. Break these larger goals into smaller, achievable milestones that employees are excited to work towards. Since gamification relies on incentives and success within the system, it’s crucial that these goals are specific and attainable.

Additionally, make sure your employees clearly understand what they’re working towards. Interest in the financial wellness program can wane if employees are unsure about their objectives, so ensure all game elements are directly linked to the learning material.

2. Offer a variety of incentives within your gamification.

Different motivators resonate with different employees. While some may respond well to progress bars, levels, points systems and badges, others may be more motivated by tangible rewards such as gift cards, vouchers or discounts. Offering a mixture of incentives can help ensure that employees are encouraged to participate and reach their full potential.

3. Give frequent feedback.

One of the quickest ways for employees to lose interest is through a lull in feedback. Providing timely evaluations allows employees to adjust their performance based on results and stay engaged in the competition. Immediate feedback keeps employees motivated and helps them work towards their goals more efficiently.

4. Get people invested in your rewards with gamification.

Gamification is most effective when the incentives resonate with employees. Since gamification often relies on social recognition, it’s crucial to understand what motivates your employees. Engage with them to determine what goals and rewards are most meaningful. Both the objectives and the rewards need to be valuable to ensure that the gamified system is effective and engaging.

5. Don’t force the fun.

Mandatory fun can diminish the enjoyment of gamification. Research indicates that games and activities are more positively received when they are voluntary rather than imposed. By making your gamified program optional, you allow employees to choose whether they want to participate. Ensure that those who opt out still have access to all necessary resources. This approach allows motivated employees to engage in the gamified system while others can continue working towards their financial goals without pressure.

When done correctly, incorporating gamification into financial wellness programs can drive employee engagement and motivation in a fun environment where financial goals are interactive and rewarding. Embrace gamification as a tool to enhance your financial wellness initiatives and empower your employees to achieve their goals with enthusiasm.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

Open Enrollment 2025: Important deadlines you need to Know. Open enrollment is an important period for your workforce. Learn all about the most critical deadlines for Open Enrollment 2025 in this helpful article.

Open Enrollment 2025 is a critical period during which your workforce can update their benefits choices. Top among those decisions: choosing a health insurance plan for the upcoming year.

Here’s everything you and your team need to know about the most important deadlines for Open Enrollment 2025.

What is Open Enrollment?

Open Enrollment is a window of time when employees are able to review their employee benefits and choose new healthcare options to suit their families’ needs. In most cases, employees who miss this window must wait until the next Open Enrollment period before changing their plans. Prepare for Open Enrollment 2025 with Best Money Moves.

What are the deadlines for Open Enrollment 2025?

For most states, the Open Enrollment period for health coverage that begins on January 1, 2025 starts on November 1, 2024 and runs until January 15, 2025. In order for employees to guarantee coverage in 2025, they must enroll in their health plan by this January 15th date.

However, certain states have different deadlines than the ones listed above:

California: November 1, 2024, through January 31, 2025

Idaho: October 15, 2024, through December 15, 2024

Massachusetts: November 1, 2024, through January 23, 2025

New Jersey: November 1, 2024, through January 31, 2025

New York: November 1st, 2024 through January 31st, 2025

Rhode Island: November 1st, 2024, through January 31, 2025

Washington D.C.: November 1, 2024, through January 31, 2025

Special enrollment periods for Open Enrollment 2025

Outside of the deadlines listed above, there are qualifying life events that allow people to qualify for special enrollment periods. You may be eligible for a special enrollment period if any of the following situations apply to you:

• A change in household including
  • Marriage
  • A new baby, an adoption or placing a child in foster care
  • Divorce
  • Death in the family
• A change in residence that involves moving to:
  • A new home in a new ZIP code or county
  • The U.S. from a foreign country or U.S. territory
  • A new school (if you are a student)
  • A new place to live or work
• Loss of health insurance
  • If you or a member of your household has lost health insurance in the last 60 days or is going to lose health insurance in the upcoming 60 days you may qualify for the Special Enrollment Period.
• Gaining membership to a federally recognized tribe
• Becoming a U.S. citizen
• Leaving incarceration
• Beginning or ending service as an AmeriCorps State and National, VISTA, or NCCC member.

For more information and updated information about the Open Enrollment period, refer to healthcare.gov.

3 Ways to Improve Employee Benefits Communication Year-Round

Finding effective ways to improve engagement with your benefits is difficult – but it can be the difference between a good benefits program and a truly great one. Open Enrollment is an excellent time to promote the benefits your company offers, but it’s also important to find ways to keep employees engaged throughout the year.

A good benefits communication strategy starts with understanding what your workforce wants and changing course if your methods aren’t working.

In order to improve engagement in your benefits program, consider using these communication strategies:

• Choose the right channels to deliver your message. Depending on your business, certain methods of communication (email, phone, intranet, print materials etc) might be more effective when providing information about benefits. Try different methods and see which resonates with your employees the most.
• Personalize your communication. Each employee is different, but there are likely to be demographics you can target. Consider how employees with different backgrounds or stages of life tend to receive their information and tailor your strategy accordingly.
• Create an onboarding system. When you introduce a new benefit to your employees, it’s important to make the process as smooth and as possible. Benefits can be complex and hard to understand, which discourages engagement. An effective onboarding strategy shows employees how they can use their benefits in a simple way that is relevant to their current lives.
• Use an open line of communication. If you aren’t seeing success with engagement, consider asking employees directly. Listen to feedback and learn the obstacles that are preventing your workforce from accessing their benefits. Managers should be well versed in company benefits in order to be a resource for other employees.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.