The recent MDRT study reveals that about 69.7% of U.S. workers could have at least one employer-provided insurance policy by 2024, other than health insurance. Other than term life insurance and long-term disability insurance, employers often offer numerous specific insurance policies. The study brought to light the selection employees made for their 2024 benefits during the last year’s open enrollment period.

The relevance of this information is essential for financial advisors assisting in planning sessions. To provide their clients with maximal benefits, advisors must be aware of the protections clients receive at their workplace. MDRT President, Greg Gagne recommended advisors to communicate with clients about the conditional nature of employment-based insurance and how and when to add permanent coverage into the mix.

Distinctions were made in the survey concerning individual policy types for the workers who responded regarding their 2024 employee benefits. Various insurance types are important components of the overall financial health, the study emphasized. Retirement savings are typically considered the first employee benefit for most Americans.

Surprisingly to MDRT member Brian Heckert, employers provided a pretty extensive range of offers beyond health coverage. Nonetheless, he pointed out a gap in professional financial advice utilization. He saw this as an opportunity for financial advisors to provide guidance and help individuals optimize their retirement savings strategies.

These awareness of 2024 employee benefits can significantly assist employee benefits advisors in understanding their clients’ overall financial well-being and working more effectively with them. Advisors must educate themselves on the offerings of their clients and support the planning process. This, Heckert remarked, would enable advisors to provide their clients with personal recommendations and strategies tailored to their specific needs and goals.

Gaps can be addressed, and solutions offered, by identifying shortcomings in insurance coverage or retirement savings. In addition, advisors can guide clients through complex benefits choices, such as selecting health insurance plans or optimizing retirement account contributions. As shown in the survey, advisors should engage with clients on other employee benefits to ensure they are utilized fully, especially when significant life events occur.

Mseka, with over three decades of experience in financial services reporting, was previously editor-in-chief of Advisor Today magazine for NAIFA. The clients’ well-being is of utmost importance, hence the need for more accessibility to customer service. For instance, when trying to understand edd parental leave in California, they need to know how to reach out to a representative. EddCaller.com provides excellent customer service by clarifying financial opportunities clients could explore and how they can maximize their benefits.