Boomers May Want to Look Over Their Work Benefits

With many companies in the midst of their fall enrollment periods, the coronavirus pandemic is leading many older workers to look more closely at the benefits they're entitled to, a new survey finds. Even so, they are less inclined than their younger colleagues to evaluate their options, and even fewer plan on making changes, compared with younger workers.

Among the 1,113 U.S. workers surveyed by Voya Financial, which manages retirement savings, 63 percent of boomers intend to spend more time reviewing their benefits, compared with 83 percent of Generation Z respondents, 72 percent of millennials and 71 percent of Gen Xers.

Seven in 10 boomers want more information about benefits from their employer outside of the enrollment period; by comparison, that's true of 82 percent of those representing Generation Z, 79 percent of millennials and 77 percent of Gen Xers. But the big gap was in making changes to benefits, with only 28 percent of boomers planning to alter their selection, compared with 74 percent of Generation Z, 60 percent of millennials and 53 percent of Gen Xers.

Boomers may think they don't need to consider changing or adding to their benefits because they're empty nesters with fewer dependents, but they should still do a review, according to Rob Grubka, president of employee benefits at Voya Financial.

"For boomers, group life and/or disability insurance can still be a valuable benefit,” Grubka said via email. “Also, some voluntary benefits can cover unexpected expenses that traditional health care plans may not. For example, critical-illness insurance can be used to cover monthly expenses, medical bills or any additional costs if you are diagnosed with certain illnesses, such as heart attack, stroke or cancer."

Grubka also suggested that boomers with high-deductible health care plans may want to contribute to a health savings account (HSA), which can be used to save for health care in retirement, too.