The State of Employee Benefits research series is designed to give you better information, so you can make better benefits decisions, which can lead to better lives for your employees and their families. Let our data be your guide.
As companies attempt to control costs, the high-deductible health plan (HDHP) is a powerful way to encourage thriftier health care utilization.
While traditional health plans remain the dominant plan offerings, more than half of large employers included an HDHP in their benefits mix for 2016.
of large employers on the Benefitfocus Platform offered at least one HDHP.
Despite the fact that HDHPs require workers to adopt a new way of thinking about health care consumption, many employees will select these plans when given the option.
of employees enrolling through the Benefitfocus Platform selected an HDHP over a traditional plan when given the choice.
Regardless of plan type, all employees are taking on significant financial responsibility for their own health care.
While HDHPs certainly live up to their name, today’s PPO deductibles are nothing to sneeze at.
The average individual could spend anywhere from 34% to 64% more on health care than on food in 2016.*
HDHP Out-of-Pocket Max
Average Food Expenditure
*using USBLS food expenditure data
Health savings accounts (HSAs) and voluntary benefits can help employees manage their financial risk, but there’s work to do in this area.
Employees are leaving thousands of tax-free dollars on the table, missing a major opportunity to save for their future health care needs. 42% of the maximum amount allowed to HSAs was contributed by HDHP participants
of the maximum amount allowed to HSAs was contributed by HDHP participants
Products like accident, critical illness and hospital indemnity insurance can provide a strong financial safety net for employees, but only 36% of employers offered at least one gap voluntary benefit through online enrollment.
Here are steps you can take to help employees rightsize their benefits and become savvy health care consumers.
It’s not enough to offer a comprehensive benefits package. Employees need to identify the best fit plans for their unique circumstances. Personalized decision support tools can show your employees how their benefit choices could impact their lives, so they’re more likely to select the right level of coverage.
With rising out-of-pocket health care costs, your employees may not be prepared to take on unexpected medical expenses. Supplementary protection, including health spending accounts and voluntary benefits, and financial education programs can help employees thrive in the era of health care consumerism.