The advantages of using consumer-directed health plans, as an option, or full-replacement, are many. These advantages include: (i) cost savings for you and your employees, (ii) helping employees build tax-free assets for their future financial security, and (iii) making employees more aware of the costs associated with health care.
To best understand and navigate consumer-directed health plans, you will need to work with a benefit consultant that is an expert in this area. We have the experience from being one of the earliest proponents of consumer-directed health plans in the Upstate New York region and have designed and implemented these plans for many different types of employers including ourselves. Our path to full replacement consumer-directed health plans is outlined and highlighted below. Armed with a multi-year implementation plan including educational tools, technology, and plan design/contribution strategy, we successfully migrated 40% of our employees from traditional plans to consumer-directed plans. We are now full replacement consumer-directed plans and have realized employee and plan cost savings including a decrease in claims costs, a decrease in emergency room visits, and an increase in the generic fill rate.
If you would like to learn more about our experiences or learn how we can support your objectives, schedule an initial consultation with one of our experienced Benefit Consultants.