As More Employers Offer High Deductible Health Plans, Working Americans Require More Support, According to New Guardian Study
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A Health Savings Account (HSA) offered in conjunction with an HDHP enables employees to set aside pre-tax dollars to cover out-of-pocket medical expenses. Employers may also contribute to their employees' HSA to provide a base level of funding. Yet, three in five employers do not offer an HSA alongside their high deductible plan. This is especially true of businesses with fewer than 50 employees - a segment that accounts for nearly 30% of all working Americans1.
Even when employees have access to an HSA, many do not fully understand how to fund or utilize it. Effective employee education and communication about ways to properly use an HSA is important to ensuring workers can cover their medical bills. Notably, three in five workers are unable to pay a
"The study reveals a correlation between high out-of-pocket medical costs and delaying or ignoring medical care. HDHPs help employers rein in medical costs, but potentially at the risk of higher catastrophic medical and disability claims in the long term," said
For more information about Guardian's Workplace Benefits or to obtain a copy of A Crack in the Foundation from The Guardian Workplace Benefits Study SM: Fourth Annual 2016, please visit https://www.guardiananytime.com/gafd/wps/portal/fdhome/insights-perspectives/emerging-trends/benefits-in-the-workplace-study or Guardian Anytime. About the Survey The 4th Annual Guardian Workplace Benefits Study was fielded in the spring of 2016 and consisted of two online surveys: one among 1,204 benefits decision-makers (employers) and another among 1,700 working Americans (employees), allowing us to examine benefits issues from both perspectives. About Guardian
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