High-deductible health plans (HDHPs) are becoming popular among U.S. employers. If you are doing business in Ohio and looking for health insurance for your workers, this is the perfect time to sponsor enrollment in an Ohio high deductible health plan
New surveys by benefits consulting firm Mercer point out
high-deductible health plans (HDHPs) are becoming popular among U.S.
employers. The reason is that such plans help cut premiums by
transferring a greater share of healthcare expenses to workers. Annual
premiums for employer-sponsored family coverage went up by up to 9 per
cent in 2011 according to the Kaiser Family Foundation/Health Research
Educational Trust 2011 Employer Health Benefits Survey.
Ohio
employers are also waking up to the potential cost savings of HDHPs
which have higher deductibles and lower premiums than traditional health
plans. If you are doing business in the Buckeye State and looking for
Ohio health insurance for your workers, this is the perfect time to
sponsor enrollment in an Ohio high deductible health plan.
Potential
Cost Savings of HDHPs
Insured workers make payments up
to a defined annual deductible amount before the HDHP plan pays for any
benefits. The Internal Revenue Service (IRS) sets the minimum deductible
for HDHPs.
High deductible plans include a Health Savings
Account (HSA) and workers pay for more of their initial medical expenses
with the money deposited by them and their employers into the HSA.
Unused contributions to this account can be rolled over from year to
year, allowing workers to build up a fund to pay for future medical
expenses.
According to the 2011 Kaiser survey, workers have to
pay an average deductible of $1,908 in HDHPs covered by a health savings
account. With traditional health plans, the deductibles are well under
$1,000. Thus, HDHPs are cutting costs for employers because the
combination of high deductible and lower premiums is encouraging workers
to be more careful about their medical expenses. The advantage of these
plans is that the savings in premium expense can be contributed to the
HSA and made to pay for out-of-pocket medical expenses.
Many
HDHP Options for Ohio-based Employers
High deductible
health plan and HSA plan sponsors should ensure that their Ohio high
deductible health plan documents and communications are prompt and
correctly updated to reflect the IRS HSA, HDHP 2012 indexed amounts.
Leading Ohio health insurance companies such as
Aetna, Medical Mutual of Ohio, UnitedHealthOne, Humana and Anthem Blue
Cross Blue Shield offer several HSA-qualified HDHPs for employers to
choose from. Getting professional guidance is the best option when it
comes to obtaining HSA-based health
insurance Ohio plans that meet employer corporate goals
while providing as much benefits as possible for workers.
Tracy McManamon is a licensed health insurance Ohio agent with over 22 years of experience. He and his team members can help you find an affordableOhio health insurance plan that ideally meets your needs.
