Overwhelmed by a dizzying string of options and acronyms, some Americans are overlooking their best options for health coverage simply because they’re confused by the terminology. Especially for Millennials and Gen Z, just graduating and launching careers, the choice for health coverage must be made quickly, often amidst a barrage of employer-supplied documents, with little time to research. Unfortunately, the plans that might help them the most are the easiest to overlook. But regardless of age or experience, many consumers don’t realize that HDHPs can lead to monthly savings, that HSAs are portable and that FSAs can have rollover options that avoid the use-it-or-lose-it penalty associated with the accounts. In fact, many don’t know what these acronyms stand for at all.
The United States now spends almost twice as much on healthcare as other advanced industrialized countries, even though just a few decades ago our healthcare spend was closely aligned to that of other countries. As a result of the rising cost of healthcare, changes to employment and benefits laws and the availability of new benefits options, the employee benefits landscape in the U.S. has also been dramatically altered. One in four Americans now report that the cost of healthcare is the biggest concern facing their family, according to a Monmouth University poll. This makes it more important than ever for employers to offer their employees the guidance and tools they need to manage their healthcare plans and costs. Here are three approaches to help employees manage their healthcare expenses:
Tax season is here! As we get closer to the deadline for filing (in 2018, it’s April 17 instead of the traditional April 15), we wanted to share three tips about Health Savings Accounts you’ll need to know before you file your return, along with a suggestion for using your refund.
Open enrollment is only a couple months away, and planning may be beginning now for 2018. As companies look to contain health care costs, more and more are considering a high deductible health plan (HDHP) with a health savings account (HSA) in addition to a traditional health plan or possibly in place of a traditional plan. Either case requires a new level of education and support to get everyone’s understanding of the value of this type of product.