Employee Benefits Administration Company, Clarity Benefit Solutions, Discusses HDHP Benefits and Advantages
High Deductible Health Plans (HDHPs) offer a multitude of advantages—especially when used with a Health Savings Account (HSA). Although healthcare premiums are on the rise due to medical inflation, expenses pertaining to specialty pharmacy items, and people who file high-cost claims, the number of people enrolling in HDHPs is also on the rise. This trend will continue to grow—especially with voluntary benefit offerings able to fill in any gaps not covered by HDHPs. Employees expect their employers to offer customized solutions specific to their individual needs. Here are some of the many HDHP benefits and advantages.
- Lower monthly premiums. Employees with HDHPs pay lower monthly premiums than other POS or PPO plans, which allow them to bring home a bigger paycheck. This is also a bonus for those employees who have a monthly budget.
- Access to more doctors and specialists. Networks are typically wider than networks associated with HMOs—offering employees more medical professionals to choose from.
- Lower monthly bills. Employees who are healthy and not on expensive medications may realize lower monthly bills.
- Savings on out-of-pocket expenses. Employees who open an HSA in conjunction with their HDHP can save on out-of-pocket expenses because their contributions are pre-taxed—meaning they will have more take-home pay. HSAs never expire, which is also extremely advantageous to employees.
- Access to digital and virtual services. These practices are emerging as alternatives to in-person care. An emerging trend is the number of doctors and specialists offering virtual visit services such as phone, email, or video consultations. HDHPs are onboard with these types of amenities—which can also include administering prescriptions. A rise in-home delivery services will also allow healthcare to be more accessible to everyone.
- A viable alternative for millennials. This demographic is opting for HDHPs over more traditional PPOs, since many believe they are in good health overall and will not seek medical attention often. As a result, they will spend less and save more.
About Clarity Benefit Solutions: Clarity Benefit Solutions 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
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