In the news recently there have been a couple of articles citing some large companies moving their entire workforce to a high deductible health plan (HDHP), as a means of saving money and/or preserving health benefits. The New York Times article “Employers Offering Workers Fewer Health Plans” mentions Nissan – who is moving their entire 15,000 employee North American workforce to a HDHP – and Delta Airlines. If you take a look at the article, both Nissan and Delta Airlines provide their reasons for moving their workforces to HDHPs. Very interesting…
In addition to reasoning, the article also notes that the deductible for an individual will be at least $1,100 and much more than that for family coverage. Nissan’s will be $2,500 per family member, for which the company will deposit up to $1,600 in the family’s HSA.
AHHHHH $1,100 for an individual and $2,500 or more for a family!!!
High deductible health plans, aaccompanied by a health savings accounts (HSAs), are not something to be scared of. Even though the deductible seems daunting at first, the coverage is typically 100% after the deductible is met. Your employer should be funding part of the HSA and you can (read: should) contribute pre-tax dollars as well.
Things to think about when moving to a high deductible health plan:
- If you do not think you will meet your deductible for the year, then you must begin to think about your healthcare differently. Healthcare costs vary between providers. Pharmacies charge different prices. Do your research!
- The way your health expenses impact your pocketbook will certainly change from that of a traditional health plan. Your initial costs will be much higher, but you will still receive an “insurance discount” on care.
- There are benefits to HDHPs such as preventative care, including immunizations for children, certain cancer screenings and well care for the whole family.
Remember, the most important thing you can do is read your policy. It should simply and specifically outline things that are covered at 100% even before your deductible is met.
And there are websites available, such as www.changehealthcare.com, that help you estimate your healthcare costs before seeing the doctor and even help you track you HSA spending.
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Katrina, Thanks for sharing…”the rest of the story.” Keep writing!