News Coronavirus watch20 Nov 2020

US:One in three workers plan to boost benefits

| 20 Nov 2020

In the coming US open enrolment season, workers plan to spend more time to review their options, choose new insurance benefits, and increase their coverage due to COVID-19, according to research by Tennessee-based insurer Unum.

Unum’s research among 1,500 full-time US workers in October 2020 found new trends due to this year’s pandemic:

  • More than one in three workers (36%) plan to enrol in different benefits this year
  • Two in three workers (64%) plan to pay more attention to their employee benefits and spend more time reviewing and understanding them
  • Workers plan to enrol for the first time or increase their coverage in life insurance (27%), hospital insurance (14%), short- and long-term disability insurance (12%), and critical illness coverage (12%)
  • Nearly three out of five workers (57%) report financial stress or hardship
  • About 57% of U.S. workers worry about their mental health

“Choosing your benefits is one of the most important financial decisions you’ll make this year,” said Unum Global Total Rewards vice president Rob Hecker. “Today’s pandemic reminds us we need to be prepared for life’s unexpected health events.”

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