They say they have, but have your clients really explored the benefits of driving enrollment in lower cost plan designs?
There are conversations to be had—along with supporting data to share—around this topic of shifting costs in a manner that can be win-win for employer and employee alike.
Let’s revisit the stat illustrating that HDHP premiums can be 10% lower than traditional plans.
Research shows that, in a cost-sharing model, the HDHP savings on premiums alone could be about $1,000 for each individual participant.
That’s a powerful figure to sew into your narrative, if your clients were to do the math across their entire employee base. Let’s say for example a 150-life group—that’s a savings of approximately $150,000 a year.
Moreover, HDHP premium savings average out to almost $2,000 per family, compared to a family PPO offering. Again, easy math—$300,000 annually on a 150-life group.
And in the form of conversation, you can tee up your storytelling with influential content around the premium savings zones when comparing HDHPs to traditional plans.
It’s also worth noting that the HDHP is the only plan type that has grown in terms of enrollment rates across the last decade, proving its worth as a meaningful vehicle to help control rising costs.
All other plans have either remained static or have contracted over the same time period.
In the same breath, you can also remind employers about the additional savings on payroll taxes if they were to offer an HSA with their HDHP.