Choosing benefits that make a difference in the quality of life is a very important issue with employees, especially when they are picking up the cost of the product. Chances are, in many cases, companies that offer a choice in health care may subsidize some of the cost, but much of the expense is often borne by the employees.
Consumerism can help provide common sense options when costs are evaluated and the comparison of services comes down to value versus ROI. As a result, consumer directed health care is definitely on the rise.
The ranks of Americans enrolled in high-deductible health plans (HDHPs), which are often linked to account-based consumer-directed health plans (CDHPs), reached 22 million in 2010, according to a report by the not-for-profit Employee Benefit Research Institute. The Society for Human Resource Management reports that with CDHPs, plans with deductibles of at least $1,000 for employee-only coverage are linked to tax-preferred savings or spending accounts that workers and their families can use to pay their out-of-pocket health care expenses. The most common CDHPs are health savings accounts (HSAs), which are funded by the employer or employee and are portable (employees take these accounts with them on termination), and health reimbursement arrangements (HRAs), which are funded solely by the employer and are not portable.
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When you think about all the choices employers have to offer workers, one of the most requested is dental. Did you know that good oral hygiene is essential in helping to prevent more serious medical issues like heart disease, cancer, and low birth weight in newborns?Dental illness is the most common of all chronic health concerns and accounts for significant loss of workforce productivity and significant health care costs. As reported by the U.S. Department of Labor's Bureau of Labor Statistics, about 80 percent of workers participate in benefit programs if dental care is part of the program. And, approximately 92% of unionized employees and 75% of nonunion workers select dental coverage if offered. This behavior is fairly consistent nationally. However, only 46% of the nation's workers have access to dental care through an employee benefit program. Lost time, lack of productivity, employee health, and reduced revenues are all critical reasons to make sure that employers should encourage workers to maintain good oral health. Providing access to a quality a dental plan at affordable rates will help reduce the problems associated with employees who have problems related to poor oral health.
A voluntary dental benefit can offer employees the flexibility in selecting their preferred dentist and provides a price point that is of value, according to Employee Benefit News. Roughly 50% of the employer-market space doesn't offer a dental plan, which makes voluntary dental one of the fastest growing segments in the dental insurance market when it comes to employers without dental coverage. Switching to a voluntary dental plan is one way companies can manage rising health care costs, while continuing to offer employees options to protect and insure their dental health. As employers continue to shift benefits costs to their employees, voluntary dental insurance plans are expected to grow in popularity.
Smiling is good for your health and your wallet. When you choose health plans and ancillary benefits, the best way to save money and get the best deal is to work with an agent that has your best interest at heart rather than how much commission he is making on the sale. So, it makes sense to do your homework, network with your associates and trusted contacts, study online reports from reliable sources, and then put your pencil to the pad. Sometimes, cheaper isn't always better. Remember, you often get what you pay for, even in health care. Before you pull the trigger on your purchase, make sure you have all the facts. Being an informed consumer makes you a savvy shopper and a hero. Wouldn't you rather be an expert after all your due diligence than suffer the humiliation of someone saying "I told you so?" Caveat Emptor.
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