While CDHPs come along with high deductibles, they are usually paired with tax advantaged health savings accounts to help offset the deductibles and higher out-of-pocket expenses. With this type of plan, employees are able to choose the health benefits that they need and don't have to pay the high monthly premiums for services that they'll likely never use.
So here's the big question: are employees with CDHPs really saving more money than those with traditional health benefits coverage?
According to a recent study from the Health Care Cost Institute, those enrolled in consumer driven health plans actually end up spending 1.5 times more on out-of-pocket expenses than those with traditional health benefits coverage.
The study found that people enrolled in CDHPs end up spending an average of $58 more in out-of-pocket expenses with visits to the doctor and $50 more with a trip to the emergency room than those with traditional health benefits.
However, this study also indicated that people enrolled in CDHPs typically spent fewer dollars on health care in general, and this is in large part due to people with these plans using fewer health care services. However, considering the higher out-of-pocket expenses, copays, and coinsurance that people in CDHPs are paying when they are using their benefits, the study found that people enrolled in CDHPs are paying nearly 25 percent of their medical expenses out-of-pocket in comparison to 14 percent for those enrolled in traditional health care plans.
This finding could be very alarming to those currently enrolled in CDHPs, and it should encourage them to look beyond the lower premium dollars and instead consider what is really being spent in out-of-pocket expenses.
Your employees deserve to have an affordable health care plan where they are not constantly being gauged with out-of-pocket expenses. Understanding that rising health care costs is one of the biggest issues that your business is faced with, our team at Summerlin-Roberts can provide you with a unique solution to make health benefits more affordable for your employees and your business too.
Please contact us at Summerlin-Roberts to learn more about how we can create a custom-tailored solution for your business that gives your employees the health benefits that they need while also making it more affordable for your employees and your company.