How the Pandemic Has Changed Open-Enrollment
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How has the pandemic made open-enrollment timing especially difficult for workers?
Here's your Money Briefing for Friday, November 13th. I'm Charlie Turner for The Wall Street Journal. Open enrollment period for health insurance is coming at a bad time for workers.
Workers are pretty concerned about how to pay for their health insurance. We're also seeing a lot of people with dependents who've lost jobs that are bringing them onto their own insurance. And so those concerns about costs are big for employees this year.
How are employers tailoring their health care offerings in the pandemic era? We'll talk with our reporter, Catherine Dill, after the break.
This is the time of year when open enrollment takes place for employees choosing their health insurance options. And this year has been particularly stressful for workers who've had to deal with the COVID-19 pandemic and the resulting economic turmoil. The Wall Street Journal's Catherine Dill has been looking into how companies are crafting their health insurance offerings. Catherine, thanks for joining us.
What are employees most worried about when choosing health plans during COVID-19?
Thank you for having me. Catherine, the coronavirus pandemic is resurging across the U.S. With that in mind, what are American workers most worried about with regard to the open enrollment period?
What we're seeing is that workers are pretty concerned about how to pay for their health insurance. At least from the employee side, we're seeing a lot of economic anxiety, which is leading a lot of people to choose higher deductible plans. They know that a higher deductible can be a challenge, but they're also concerned about the regular cost to their paycheck. And a lot of them also are looking to be able to take on a health savings account. We're also seeing a lot of people with dependents who've lost jobs that are bringing them onto their own insurance.
Why are workers shifting to higher-deductible plans and health savings accounts now?
And so those concerns about costs are big for employees this year.
Healthcare costs are continuing to go up. How are employers responding to this? Are they planning to raise premiums or cut costs?
No, while costs are continuing to go up, what employers are really prioritizing here is providing employees with stability. The majority are planning not to make any changes, not to raise deductibles, premiums, co-pays. They are really looking at those core benefits, health insurance, dental, as places where they can provide, they can minimize stress for employees in an otherwise extremely stressful year.
You highlighted one company in your story, game developer Zynga. What changes has Zynga made in providing health insurance to workers?
You know, heading into this year, Zanga's benefits manager was looking at implementing a new gym benefit and a few things that were going to be really useful to people before the pandemic.
How are employers prioritizing stability instead of raising premiums this open-enrollment?
And then once the pandemic hit, he really had to pivot and they introduced, they expanded a crisis backup child and elder care benefit. They waived some co-pays through the summer, some other co-pays through the end of the year. He fast tracked a global mental health support program that they had been planning to implement in 2021. It took effect November 1st. They also started looking at what are some of the, you know, what's some of the fallout of working from home going to be and anticipating some back injuries, some neck injuries. They're implementing a musculoskeletal benefit for next year.
Well, let's explore working from home a little more broadly. How has working remotely complicated this process? What are employers doing to address this?
It's always a big challenge for employers to communicate to their employees the array of benefits that are available to them.
What specific benefit changes did Zynga implement in response to the pandemic?
It can be complicated. It can be boring. And it's an even bigger challenge now that there's nowhere to physically put up a flyer. Many employers hold these health fairs every year to provide employees with information about all these benefits and their financial benefits as well. And that's not possible either. So many, many employers this year have opted to do additional messaging. They're doing virtual. benefits fairs. They're really emphasizing how you can look at your benefits specifically in light of the COVID pandemic.
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Chapters
6 chapters
1
How has the pandemic made open-enrollment timing especially difficult for workers?
0:05–1:08
2
What are employees most worried about when choosing health plans during COVID-19?
1:08–1:56
3
Why are workers shifting to higher-deductible plans and health savings accounts now?
1:56–2:55
4
How are employers prioritizing stability instead of raising premiums this open-enrollment?
2:55–3:51
5
What specific benefit changes did Zynga implement in response to the pandemic?
3:51–4:34
6
How are employers communicating benefits to remote workers and what should employees check?
4:34–5:17
Speakers
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