Clarity Benefit Solutions Discusses HDHP Trends that HSA Companies Should be Aware Of
NEW YORK, Nov. 22, 2017 /PRNewswire-iReach/ -- Clarity Benefit Solutions Discusses High-Deductible Health Plan (HDHP) trends that HSA companies should be aware of.
HDHPs are health insurance plans that offer lower premiums and higher deductibles than traditional health plans. If an employee wants to open a Health Savings Account (HSA), he or she must be enrolled in an HDHP. Here are some HDHP topics that are trending.
- Healthcare premiums are rising. Unfortunately, HDHP premiums continue to climb for employees across the country, as a result of medical inflation, expenses related to specialty pharmacy products, and those who file high-cost claims.
- The number of people enrolled in HDHPs is also on the rise. Enrollment numbers in both HDHPs and HSAs continue to grow. Expect this trend to continue, with voluntary benefit offerings filling in any gaps not covered. Employees are looking for customized solutions specific to their individual needs.
- HDHP out-of-pocket costs continue to grow. Employees with HDHPs are dealing with significantly greater out-of-pocket medical costs. Unfortunately, deductibles are also increasing.
- HDHPs are being paired with tax-advantaged, health spending accounts. Bundled healthcare is becoming a popular option. HDHPs are being offered in conjunction with HSAs and Flexible Savings Accounts (FSAs) to boost enrollment.
- Digital and virtual services are emerging as alternatives to in-person care. With many practices offering virtual visit services such as phone, email, or video consultations, HDHPs will accommodate these changes, which can also include administering prescriptions. A rise in home delivery services will also result in healthcare truly being accessible to everyone.
- Millennials are instead opting for HDHPs rather than traditional PPOs. Studies show that millennials are choosing HDHPs at a higher rate than any other demographic. This suggests that millennials may need more education regarding the many health insurance packages that are available.
Finding the perfect benefits package is no easy task. This is where the broker's role is vital. Educate your clients so they can make the best decisions when it comes to their employees. Provide plenty of tools for them to share knowledge, and provide them with ongoing support.
About Clarity Benefit Solutions: Clarity Benefit Solutions HSA administrators provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
Media Contact: Calvin Clark, Clarity Benefit Solutions, 732-428-8272, [email protected]
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SOURCE Clarity Benefit Solutions
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