Millennials: Expecting to Make a Life Change this Year? Here’s Why You Shouldn’t Overlook Open Enrollment

Author: Marquis Smallwood, vice president of Workforce Engagement at MetLife

Editor’s Note: As open enrollment season rolls around on the heels of another challenging pandemic year, many employees are looking at their employer benefits through a new lens. This is particularly true of millennial employees. A new MetLife survey found nearly two-thirds (64 percent) say this year’s open enrollment is more important than last year’s, and for good reason: Four in five millennials (81 percent) expect to make a major life change in the next 12 months.

The pandemic put many millennials’ lives on hold. Forty-four percent of you say the pandemic delayed you from making plans. And, for others, it brought on new responsibilities like becoming a caregiver (23 percent). Whatever the changes millennials already encountered or anticipate facing in the future, you should consider electing benefits that can support your new responsibilities and milestones.

1 in 5 Millennials Spend More Time on Social Media than Choosing Benefits

It can be tempting to overlook open enrollment as you consider your upcoming plans. However, this year, it is critical to take the time to carefully weigh the impact your employer-offered benefits can have in supporting these life changes—particularly as one in five of you (21 percent) say you spend more time scrolling through social media than choosing your benefits.

Here are three reasons why you should consider paying extra attention to your benefits this open enrollment season:

You Missed a Medical Appointment During the Pandemic

If you already dreaded dentist appointments, the pandemic introduced a very valid reason to skip your teeth cleaning. In fact, many employees skipped healthcare appointments altogether. MetLife found six in 10 millennials missed healthcare appointments this year due to COVID-19 (vs. 53 percent of employees overall). This suggests you may be entering this open enrollment season with an even greater need to select benefits that will help you revisit holistic health. To achieve this goal, you should consider asking your employer about benefits like vision and dental insurance, which could help you get your health back on track.

You Took on More Responsibility as a Caregiver

MetLife’s survey found that for nearly one in four millennial employees who were planning to become a caretaker, the pandemic brought that timing forward. If you are a new caregiver, this open enrollment season will be especially important as you take on the added responsibility of caring for a loved one. In order to protect yourself—and your dependents—caretakers should consider looking into disability insurance, which can help provide the income protection you need to feel secure should you be unable to work due to a qualifying injury, illness, or mental health challenge. You shouldn’t feel alone in seeking help from your employer, either, seeing as four in five employees (80 percent) your age expect support from their employer in becoming a caretaker for a dependent family member.

You Feel Stressed About Your Finances

More so than other employees, millennials feel stressed around their financial security. In fact, more than half (51 percent) of you feel anxious over your financial futures, compared to 45 percent of employees overall.

To help combat feelings of anxiety or stress, you can utilize employer-offered benefits including financial planning, legal plans, and even pet insurance, which might help ease your financial strain. While you may not have thought about these benefits in the past, you might find your evolving financial needs are better served by benefits you haven’t considered before.

You should consider taking the steps this year to educate yourself about how your benefits can support your changing lifestyle. If you missed medical appointments or became a caregiver during the pandemic—or if you feel financially stressed—consider how your upcoming benefits decisions might positively impact you.

By doing some research, asking your employer for help, and taking charge of your financial future, you will find that paying attention to open enrollment will pay dividends as you take the next steps in your life.

About Marquis Smallwood

Marquis Smallwood has written 1 posts in this blog.

As Vice President, HR Technology Firms, I am responsible for maximizing the distribution of Group Benefits through established and emerging third party firms, with an emphasis on benefit administration and Human Capital Management (HCM) platforms. Prior to becoming a Vice President, I managed MetLife’s Regional Market Voluntary Specialist Directors and had additional oversight for MetLife’s Regional Market Re-Enrollment strategy. I also held the role of National Accounts Voluntary Specialist Director and served as a Voluntary Benefits expert in MetLife’s Western Customer Unit. From 2013 to 2015 I served as an Accident and Health Wholesaler, responsible for helping MetLife associates and customers understand the value and need for accident and health benefits. From 2011 to 2013, I was a Regional Market account executive, overseeing $65 million in annual revenue and more than 70 client relationships. My journey at MetLife began in 2006 as an Account Executive specializing in voluntary benefits where I awarded Rookie of the year in 2007, and in 2010 I became the #1 sales associate across the country for voluntary benefit sales.