If you haven't already heard the term “employee benefits decision support,” chances are you will soon. In fact, a study by Willis Towers Watson estimates that 71% of employers will offer a decision support tool by 2020. This fast-evolving benefits trend has emerged due to three key reasons:
Your employees make countless decisions every day on the job. And, as part of the human condition, their psychological makeup underscores everything that they do. So, it should come as no surprise that it has an impact on how they handle making choices during open enrollment. Unfortunately, there are a handful of cognitive biases that cause employees to end up with suboptimal health plans for their circumstances. Fortunately, we’re going to identify them, discuss them, and provide suggestions for how you can help employees work through them.