Why Your Business Should Offer a High Deductible Health Plan

Why Your Business Should Offer a High Deductible Health PlanCredit Rawpixel.com/Shutterstock Small businesses everywhere in the U.S. have been feeling the pinch from rising health care for several years now. According to a report by the Kaiser Family Foundation, premiums for family coverage have risen 19 percent since 2012 and 55 percent since 2007. High deductible health plans (HDHPs) have been gaining steam as a popular alternative to traditional health plans among employers and employees.mora and more employers are offering an HDHP. In fact, over 29 percent of all employer-sponsored plans are HDHPs, said Shobin Uralil, co-founder of HSA platform Lively. There is no question this growth is in part due to higher healthcare costs.The Pros of HDHPsHigher deductibles usually mean lower premiums for small businesses trying to find ways to cut costs and save. In 2017, the average annual premium for an employer sponsored family coverage was $18,764. Premiums f or HDHPs are typically on the low-end, with the average annual cost for family coverage HDHP about $17,581.HDHPs are generally good options for young and single employees who are more likely to be healthy and dont need coverage for spouses and dependents. While deductibles for most medical costs are high, many HDHPs still offer basic preventative services such as annual check-ups, vaccines and generic prescriptions at little to no cost.Editors notenzeichen Looking for a health insurance plan for your employees? Fill out the below questionnaire to be connected with vendors that can help.The Cons of HDHPsHDHPs are a boon to small businesses everywhere due to the lower premiums, resulting in immediate savings for both employers and employees. The problems arise when employees are faced with inevitable, costly health care expenses and need to pay much more out-of-pocket before the insurance can help.Non-preventative health conditions and unexpected medical emergencies can be costly for employees on a HDHPs as the annual deductibles for these plans are between $1,350 to $6,650 for an individual and $2,700 to $13,300 for a family. Should an employee be faced with a medical situation, they need to be prepared to pay the amount before insurance will assist or negotiate with healthcare provider to make a payment plan.This high amount can make it difficult for employees to immediately pay off, resulting in stress and frustration. Worse, it can prompt employees to avoid recommended medical care and delay essential procedures because they cant or dont want to pay the high deductible. This can result in worse conditions, which can lead to lost time at work.HDHPs are generally not recommended for those who suffer from frequent or chronic health conditions, as well as families with children who require frequent doctor visits.What You Need to Know When Offering HDHPsWhile offering an HDHP to employees will likely result in savings for the business, it is in a way pushing the costs onto the employee, especially if theyre faced with a serious medical situation. However, many proponents of HDHPs argue that theyre for the most part beneficial to both businesses and employees, it just places more responsibility on the employee to make smarter healthcare decisions.High deductible health plans do shift some of the increasing cost of health insurance onto employees, said Matthew Struck, partner at Treadstone Risk Management. The business owner saves on their premium because the employee pays the first few thousand dollars in expenses. The hope is that the employee has skin in the game and uses their insurance wiser. Price shopping for services is an example of this. Its recommended that businesses that offer HDHPs also offer education to employees on how to better take a proactive role in choosing their healthcare providers and how to best save. Many employees typically select options without much research, going to whoevers near them or to the saatkorn provide r repeatedly without checking to see if there are any better options.Unfortunately, the lack of pricing transparency in the market makes this dynamic almost unachievable with most plans, Struck said. If employers want to help their employees with resources to choose medical providers with cost-effective, high value care, they should place their coverage with an insurer or administrator that can provide these types of services. The other component to many HDHPs is a health savings account (HSA). These pre-tax savings accounts employees contribute to can help offset the costs accrued from high deductibles and copays and are usable for a wide-spectrum of qualified healthcare expenses.Offering an HSA along with an HDHP helps ease the employees financial burden, especially if the business also contributes a monthly or annual amount to the account. Only 2 out of 5 private employers currently offer an HSA with HDHP, according to Michael Olivia, financial representative with WestPac Wealth Partners. Employers should also offer resources to employees on how to best use their HSAs to offset their healthcare costs.Ultimately, education for your employees is important so they can make the best decisions when utilizing the insurance options, you provide. If you have a diverse organization with employees with different healthcare needs, then its best to offer HDHPs alongside traditional, lower deductible plans, then work with them to make the best choice. Andreas Rivera Andreas Rivera graduated from the University of Utah with a B.A. in Mass Communication and is now a staff writer for Business.com and Business News Daily. His background in journalism brings a critical eye to his reviews and features, helping business leaders make the best decisions for their companies. 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This Company Makes Everything From Nalgene Bottles To Human Trafficking Identification KitsAnd Theyre Hiring

This Company Makes Everything From Nalgene Bottles To Human Trafficking Identification KitsAnd Theyre HiringThis Company Makes Everything From Nalgene Bottles To Human Trafficking Identification KitsAnd Theyre HiringLets start with a thought experiment.Im going to name three things, and you have to tell me if they share anything in common.Making milk safe for babies.Discovering the geographic origin of the coffee bean.Fighting terrorism with forensics.Any ideas?In case youre stumped, well help you out They all use technology developed at Thermo Fisher Scientific.Now, at first glance you might think working for a biotech product development company isnt necessarily exciting. You might doubt whether researching and developing scientific equipment is riveting.But that couldnt be further from the truth.All across Thermo Fisher, scientists and businesspeople alike work on projects that truly mean the difference between life and deathoftentimes for the most vulnerable people in the world.L EARN MORE ABOUT THERMO FISHER AND APPLY FOR OPEN ROLESForensics As The Secret SauceHow is it that one company actually contributes to so many different causes? The answer lies in one of Thermo Fishers specialties forensic technology.Thermo Fisher creates all sorts of chemical, DNA, and materials identification technology. behauptung and other products make the company an essential part of what drives forward innovation across a sortiment of specialties and industries.This comprises most anything you can think of. Perhaps the best question to ask is, what field doesnt rely on scientific progress to advance?Take Erica Hirsch. She works as a Senior Business Segment Director at Thermo Fishers Silicon Valley office. Hirsch manages a handheld drug verification device that helps people in Africa detect and stop the flow of counterfeit malaria drugs.Another Thermo Fisher employee playing an important role is Niusheng. He develops applications for the mass spectrometer. Thats a device that h as a broad range of uses, including the detection of deadly chemicals. Thanks to Niushengs work, one Thermo Fisher client is able to test 750,000 tons of infant formula each year for potentially harmful chemicals. And thats just one of the ways his work has a direct impact on peoples lives around the world.From Science Labs To Hiking BagsHowever, most peoples experience with Thermo Fisherhopefullyinvolves the worlds most famous piece of lab equipment the Nalgene bottle.Born from their Nalgene line of lab equipment and built from high quality and non-contaminating plastics, the signature water bottle still bears the graduated measurements of its ancestors.Its no accident, though, that Thermo Fishers cylinders and beakers became the eco-nerds (then the worlds) first choice for a reusable water bottle. Lab equipment has to be built tough to withstand pressure, falls, and high temperaturesall without leaking any nasty chemicals into the container. These qualities also make for the perfe ct water bottle, especially if youre looking to take it on a hike.So, the Nalgene lab line became the Nalgene water bottle line. And now you have your go-to water bottle.LEARN MORE ABOUT THERMO FISHER AND APPLY FOR OPEN ROLESStopping Ebola At The SourceTheir technology can do more than just support labs and solve crimes. Their advanced DNA technologies are used in stopping some of the worlds most dangerous diseases, like Ebola.Teaming up with Thomas Jefferson University, the Institute Pasteur, and the Organization of International Visitors of the USA (OIV-USA), Thermo Fisher responded swiftly to the Ebola epidemic that originated in West Africa in 2014.Using Thermo Fisher DNA technology, researchers were able to help doctors test patients in the Ivory Coast (where the epidemic broke out). That enabled them to more effectively isolate cases, pinpoint local outbreaks, and prevent a continent-wide crisis.With so much on the line, its nice to know Thermo Fisher also has the highest RD b udget in the industry. Devoting so much money and talent toward the future, Thermo Fisher is constantly developing new and better products that quite literally save the world. It also means that theyve got room for anyone else looking to throw intelligence and effort at the worlds most challenging problems.Interested in working at a company thats solving the worlds biggest problems? Thermo Fisher is hiring on WayUp, so check out their open positions and apply now