For HR professionals, if your organization offers a high-deductible health plan (HDHP), chances are you've experienced a variety of conversations with confused employees who eagerly signed up for the HDHP in hopes of reducing costs, but were not prepared for the reality of out-of-pocket expenses they are now facing.
While HDHPs are designed to be consumer-oriented, a recent study published in JAMA Internal Medicine suggests that "most Americans who have them aren't saving, shopping around for better prices, talking to their doctors about costs, or making other consumer-type moves," further illustrating the hunch that most employees don't understand their health plans.
This begs the question: What can human resources do to help solve the 'how to choose health insurance dilemma' and provide employees with the resources needed to select health plans with confidence?
Recently, our chief product officer, Scott Evans, wrote an article for Employee Benefit Adviser addressing this very issue. In the article, Scott explores the correlation between rising benefit plan premiums and lack of employee knowledge regarding health insurance plan options.
To combat this challenge, Scott proposes several recommendations to plan administrators, including:
How to help employees choose health insurance with confidence through decision support tools
How to identify cost-savings opportunity through your benefit administration platform's analytics features by analyzing post-enrollment data such as de-identified claims data
How to improve employee satisfaction by providing comprehensive education at each stage of the benefits enrollment process through plan comparisons and easy-to-use online selection capabilities that avoid human error
Ultimately, with the right tools, employers can prevent uncomfortable conversations like the one above. It’s all about communication: having the right decision support tools in place to engage employees and guide them to the best benefit decisions.
Interested in learning more? Download our white paper "Tying Employee Satisfaction to Health Plan Selection with Decision Support Tools."