Employer Health Insurance Plans Through High Deductible Policies–Can Small Businesses Save On Monthly Premium Payments?

Employer health insurance plans and options for health care coverage for workers are reportedly finding that high deductible policies can be more helpful when it comes to helping businesses save money on monthly premium payments and, for individuals who may opt to take advantage of these high deductible plans, there are also opportunities to find affordable personal health insurance as well. Yet, many are questioning whether businesses or individuals who choose these high deductible plans are actually saving money or are simply sacrificing coverage at the sake of cost.

Obviously, consumers who are in need of health insurance plans or businesses who want to offer an employee plan that will help meet medical costs are going to be in vastly different situations and, for this reason, they will have to make sure they look at their individual needs versus the policies that may be offered. While many consumers and businesses are drawn to these high deductible plans because they offer low premiums payments, they are, understandably, more expensive when it comes to meeting a deductible if the medical treatment that a policyholder needs is not excessive.

Also, there are various ranges of deductibles within these high deductible health insurance policies and, obviously, this could mean that some policyholders will meet the entirety of costs related to care like routine medical visits or prescriptions out-of-pocket. Yet, there are arguments for these high deductible policies typically in the form of the benefits they offer for individuals who may not frequent the doctor and, as a result, are meeting excessive costs on a monthly basis to pay premiums for coverage they never really use.

However, there are reports that these policies are becoming more popular across the nation as an article on the Atlanta Journal-Constitution stated that,At Atlanta Medical Center, 51 percent of workers are now in a high-deductible health savings plan, versus 15 percent in 2010.” Obviously, this is one specific example of changes in health insurance plans to high deductible health insurance policies, but many argue that using these policies with a health savings plan can greatly reduce the costs that workers may meet or businesses may have to pay to cover their employees.

Essentially, small businesses who may not qualify for a small business health insurance tax credit or who simply have a workforce small enough where the coverage these individuals need for health insurance is not extensive, may benefit from high deductible health insurance paired with a health savings plan because these men and women may not see a doctor often, but if a check up or low-cost medical treatment is needed, funds from their health savings account will be used to meet these costs. Ideally, high deductible plans will be helpful for businesses who may have a worker that experiences a catastrophic emergency or requires excessive medical treatment and, when this health insurance plan and savings account are used together, it can help a worker easily meet the deductible so that their health insurance will then cover remaining costs.

Yet, business owners and individuals researching these health insurance plans must look at not only the conditions employees may have and medical needs that may encompass their workforce, but also the frequency that these men and women go to the doctor, as again, high deductible plans are usually not as helpful to individuals that may visit the doctor often, as they could require these policyholders to meet higher overall costs out of pocket.