In response to rising pressures, many employers are turning to high deductible health plans (HDHPs) to meet the needs of both their businesses and employees. Combined with an health savings account (HSA), an HDHP can prove to be a mutually beneficial option for both businesses and workers, but your success is dependent on how these options are strategically approached and supported.
HSAs are important tools that can help you build and maintain success around your HDHP offering. When used effectively, these accounts enable employees to develop the financial confidence and peace-of-mind to manage their high deductibles. Not all employees, however, fully understand how their HDHP works – and therefore may not realize their plan allows them to utilize an HSA. Without this knowledge, employees will miss out on the full protective potential and value of this health plan and savings account combination.
Employees must be engaged to learn how their HDHPs and HSAs work together. If not, participants may not realize the true value of their plans, and may not be prepared to meet their high deductibles. This can lead to frustration and dissatisfaction with their coverage, their benefits package, and ultimately with their employer.
Combined with an HSA, an HDHP can prove to be a mutually beneficial option for both businesses and workers, but success is dependent on how they are strategically approached and supported.
While the challenges presented by an HDHP and HSA combination may seem daunting, a modern benefits administration technology partner will help ensure that you and your workforce are fully supported and poised to succeed in today’s consumer-driven benefits landscape.
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