WASHINGTON, February 14, 2022 /PRNewswire/ — Good health insurance is one of the most valued benefits an employer can offer to attract and retain employees. To maximize the value of High Deductible Health Plans (HDHPs), employers can implement the best practices identified in new search from the National Pharmaceutical Council (NPC) and Gallagher Research & Insights (GRI).
Nearly half of American workers, or about 158 million people, have employer-sponsored health insurance, and nearly one-third of covered American workers are enrolled in a high-deductible health plan (HDHP). HDHPs have lower than normal monthly premiums but higher deductibles, and they are often bundled with Health Savings Accounts (HSAs). HDHPs can be problematic for people with low incomes or with chronic conditions that require regular care or medication. Patients can end up paying thousands of dollars in health care costs at the start of the year to cover their deductible, leading some to avoid needed care, which translates into deteriorating health and productivity.
In the NPC-GRI research, surveyed employers recommended five HDHP best practices as the most effective for maximizing value:
- Offer HSA dues
- Initial loading HSA contributions
- Provide additional HSA contributions based on employee actions
- Provide continuing education that emphasizes retirement and tax-free benefits of HSAs
- Cover pre-deductible preventative care drugs as fully as federal HSA regulations allow
Although HDHPs have had some success in reducing employer healthcare costs, employers should be aware of the financial burden of high out-of-pocket expenses for some employees and potential unintended impacts on patient health. “As many employers take a more proactive approach to managing employee health benefits, there are opportunities to implement additional HDHP best practices to create health benefits that deliver even more value to the employer. and to the employee,” said NPC’s Vice President of Health Services Research. Kimberly Westrichauthor of the report.
Westrich will moderate a discussion of the report and other best practices for employers during the webinar,”Better value, smarter franchises in HSA-HDHPs“, hosted by the National Alliance of Healthcare Buyer Coalitions on tuesday 15 februaryfrom 12 p.m. to 1:15 p.m. ET. The webinar is open to the public and registration is available here.
Learn more about NPCs High Deductible Health Plans: Best Practices for Employers.
About the National Medicines Council
The National Pharmaceutical Council (NPC) is a health policy research organization dedicated to advancing evidence and science and promoting an enabling environment for United States that supports medical innovation. Founded in 1953 and supported by the nation’s leading research-based biopharmaceutical companies, NPC focuses on research development, information dissemination, education and communication of critical issues of evidence, innovation and the value of drugs to patients. For more information, visit http://www.npcnow.org and follow NPC on Twitter @npcnow.
About Gallagher Research & Insights
Gallagher Research & Insights (GRI) provides the intelligence, competitive benchmarking and advice essential to succeed in the dynamic healthcare market through research, analysis, reporting, training, presentations and customer support. Areas of interest include the market influence of giant employers (5,000+ employees), non-giant employers (50-4,999 employees), major health employer coalitions, employer advisors and integrated delivery networks.
SOURCE National Pharmaceutical Council