High deductible health plans (HDHPs) boast relatively low monthly premiums in exchange for higher deductibles. This can cause some enrollees to delay care because they are unable to pay out of pocket to meet their deductible. With one-third of covered U.S. workers opting for HDHP plans, employees are looking to their employers to optimize their HDHP designs.
HDHPs are often accompanied by health savings accounts (HSAs), which can be funded with pre-tax dollars by employees and employers. In 2022, HSA contribution limits are $3,650 for a self-only coverage and $7,300 for family plans. As HSA account balances accumulate, individuals can pay for qualified health expenses like prescriptions and office visits subject to the HDHP’s deductible.
While offering an HSA with an HDHP is a standard practice, other supplemental offerings can help maximize health care dollars. Employers should consider implementing pharmacy tools that help enrollees identify pharmacies with lower costs for their medications or more affordable generic alternatives. Adding low-cost voluntary coverages like critical illness, accident or disability can absorb some of the financial burdens that can arise in the event of unexpected medical problems.
If you are considering offering an HDHP plan and want to learn more about how we can help optimize your plan design, contact your Bukaty benefits consultant.
