A survey from PolicyGenius found that not only were only four percent of respondents able to correctly define four common and important health insurance terms (coinsurance, co-pay, deductible, and out-of-pocket maximum), it found that respondents were more confident in their answers than they were accurate in their comprehension of the terms. Regardless of employees’ knowledge of those four terms, Aflac’s 2016 Open Enrollment Survey showed 59% of respondents said there are aspects of their benefits they don’t understand and 72% are looking for shorter, less complicated and less stressful ways to learn about those aspects to help them make decisions.
So much of the benefits education employers offer comes down to a Q&A portion of enrollment meetings and navigating dense benefits guides. But neither of these methods is cutting it now that healthcare benefits are becoming so complicated, a fact which makes the material and opportunity costs associated with each a burden. Flimp has developed a library of animated HR videos covering an array of human resources and employee benefits-related topics, including one that explains “premiums” along with all four of the terms PolicyGenius used in their survey. These licensable HR videos are a flexible and effective solution for companies looking to provide their workforces with exactly the education they need to fill the gaps in their understanding of employee benefits.
Studies show that video is a far more effective tool for educating than reading or listening alone and, if employees aren’t able to understand what they’re reading in their benefits guides, they’re going to have a difficult time knowing which questions to ask. With short videos that explain topics like the difference between HMOs and PPOs, how 401(k)s work and what COBRA is, employees can target areas of relevance or confusion at an individual level. Using videos from Flimp’s animated library allows you to supplement the employee experience in new and valuable ways. In SHRM’s recommendations for preparing employees for open enrollment, a major theme is simplifying the education process to combat the disengagement evidenced by the fact that many employees spend less than 30 minutes making their decisions and 89% choose the same plans they had the year before.
Flimp’s animated HR videos help by breaking subjects and terms into easily digestible pieces with the longest videos clocking in at about three minutes and most falling between one and two minutes. The videos can be used before, during and after benefits meetings to educate and reinforce key fundamental concepts. A comprehensive knowledge of the basics helps ensure greater understanding and engagement with the more complex elements of healthcare and voluntary benefits making the enrollment process quicker and easier for employees.
With over 30 videos already available to choose from, Flimp plans to continue expanding its HR video library to include additional financial wellness titles. Videos are available to license individually or in packages.