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Younger generations are particularly vulnerable, with 72% unable to afford $1,000 in out-of-pockethealthcarecosts. Employers can help by offering more comprehensive health plans that minimize out-of-pocketcosts from the start.
A lack of healthcarebenefits is causing financial toxicity for employees across the country. The truth is many employees need help navigating healthcarebenefits to lower out of pocket expenses and avoid , “financial toxicity.”. He says, “To many people, $160 is a lot of money.
Employers offering a high deductible health plan (HDHP) have several ways to offset the higher out-of-pocketcosts and make the benefit more meaningful for employees. One way is to offer a health savings account (HSA) alongside the HDHP. So how do you know if your HDHP is HSA-qualified?
Employers can also remind employees when it’s time to get flu shots, when open enrollment starts, and have someone available to review healthcarebenefits and out-of-pocketcosts to help them better understand changes each year. .
It’s unfortunate employees are rushing benefits decisions, especially when employers are taking a more active role in driving down healthcarecosts. What can employers do to help employees better understand how different health insurance plans affect out-of-pocketcosts for healthcare?
What employees want when determining their healthcare options doesn’t always match what employers think they want. SHRM observed that employers and employees have different ideas about the best methods for selecting and enrolling in healthcarebenefits. They usually display only one choice for health insurance at the end.
Younger generations are particularly vulnerable, with 72% unable to afford $1,000 in out-of-pockethealthcarecosts. Employers can help by offering more comprehensive health plans that minimize out-of-pocketcosts from the start.
HSAs enable employees to save pre-tax dollars for qualified medical expenses, including deductibles, copayments, and other out-of-pocketcosts. Employers can leverage HSAs to promote comprehensive wellness initiatives that extend beyond traditional healthcarebenefits.
To plan for newborn healthcarebenefits, parents need a baby health insurance playbook. Employees are increasingly responsible for making important decisions about their healthcare and carrying the financial burden. Patient financial responsibility is on the rise—average out-of-pocketcosts rose 11% in 2017 alone.
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