Most employers are not confident that they understand their companies’ High deductible health plans (HDHP). According to a study released by Buck Consultants, only 20% of respondents said they understood their HSHPplans “very well”.
Notably, 81% of respondents said the key challenge to successfully implementing these plans was employee education and understanding of the plans.
It is encouraging that employers recognize that the plans will not be successful without an educated and informed employee base; it is somewhat less encouraging that these same employers don’t think they know their own plans very well.
Jul
28
Joe:
I’m not sure how useful this really is. According to the article, Buck was researching HSA vs HRA. They really needed a “control” group, as well.
My experience is that very few employers fully understand *any* of their benefits, including “conventional” PPO plans, STD and LTD plans, heck, many are confused about how dental works.
So it’s not necessarily groundbreaking news that most don’t feel they understand their HDHP’s. Ask how many *really* understand their PPO’s, FSA’s or even 401(k)’s, and I suspect you’ll get roughly the same response.
Most employers don’t have one licensed person in their HR staffs. These HR people don’t even realize they will lose their own employer-based health insurance, after a short COBRA, if they are too sick to work anymore. Coast to coast employers are SELLING health insurance with non-licensed HR employees without full and proper disclosure to uninformed employees. It’s a crime. This is a very serious ETHICS VIOLATION. Smart people don’t let their employer choose their health insurance on their children. Individual health insurance is portable and America’s oldest individual health insurance company has a Dependent Conversion Priviledge so sick or hurt children can keep their coverage, when they leave home, at standard rates, no questions asked.
Name one employer-based health insurance plan where sick children can keep their coverage at a majority age at standard medically underwritten rates. Don’t bother, you can’t name one employer plan that does not put children in danger.
I enrolled America’s 1st MSA, they autmatically rolled over to HSAs in 2004, and I will agree that Golden Rule is itty-bitty, only in 28 states, and lethargic. We beat them to the field with MSAs but the LIE is they were first, (Thank you Dr. Goodman from the NCPA).
My HSA’s effective date is 1/1/97, the first day. I have my HSA balance in AIZ stock. Why? They have cornered the N. American market on Tax Free HSAs.