Home > Insurance Blog > So You Have Decided To Offer A High Deductible Health Plan To Your Employees, Now What?
So You Have Decided To Offer A High Deductible Health Plan To Your Employees, Now What?
My past couple posts focused on What is a HDHP+HSA and My top 3 advantages of HSA. Now that you understand the advantages and know the shift of employers beginning to offer these plans, it’s time for some tips on how to introduce them.
Movingto high deductible health plan with a health savings account (HSA) requires more education than your standard copay plan arrangement.
There are a number of benefits for employees from lower premium costs to tax advantaged saving accounts. Emphasize the two components of the HSA as having a cash component for medical expenses and the long term investment component. Even with the increase in popularity, HR teams might find them difficult to communicate the advantages to employees. This is where your broker can come in to help educate HR and provide tips how to distribute information to employees.
Easy to follow educational videos, anytime access to plan documents and one on one support is important to assist in the education process.
More people are consuming information through short videos as opposed to reading information. In addition to group orientation meetings and offering one on one support to employees, make videos available explaining how these plans work.
To assist in the education process, offer examples tailored to specific occupations of your workforce.
For example, you can target the younger, healthier workers of your workforce with information on how electing an HDHP option will help them save on premium cost. For the older employees in the organization, emphasizing the tax free contributions and ability to use their HSA funds even after retirement.
Engage your employees in your enrollment process and provide the information they need to make the best decision for their particular situation.
You offer these benefits to attract and retain talented employees. The last thing you want is a disgruntled employee coming to you about the fact they did not understand the differences in the plan options offered.