Keep reading—you may be surprised to learn that the answer is right under your nose.
It shouldn’t be a major shock to anyone—industry stakeholder or otherwise—that the U.S. healthcare system no longer works the way it was originally designed. With costs continuing to skyrocket, waste at an all-time high (estimated between $760 billon and $950 billion annually1), easy access to quality care rapidly diminishing, and employers struggling to provide their employees with a reliable benefits plan that doesn’t wreak havoc on their bottom line, the system no longer prioritizes the needs of who it was intended to—the healthcare consumer.
But what if we told you there is a solution that can work for everyone? A simple solution that, not only allows access to convenient, quality healthcare, but also keeps money in the pockets of members and employers at the end of the year—and not in the hands of the big insurance companies?
The truth is, the solution we speak of is a concept that most people have heard of, are familiar with, and may have even tried to some degree—though many become deterred by what we won’t necessarily refer to as a “bad” reputation, but a largely manufactured sense of skepticism that has plagued a plan option that seems so obvious to fixing so many of the problems we have in the healthcare system today. If implemented correctly, that is.
Let’s talk some numbers. In fact, we invite you to not just take our word for it—let the trend speak for itself. In 2021, enrollment in this type of health plan reached an all-time high, with over 60% of private-sector workers covered under the plan in some U.S. states. This enrollment trend has been steady and increasing, up from 34% a decade ago.2
So, why all the interest?
- Low monthly premiums
- Combats waste
- A viable long-term solution for employer groups
- Plan savings
- Transparency
- Flexibility & customization
- Enhanced member resources and improved long-term financial well-being
- Access to the care members need, when they need it
We won’t keep you in suspense any longer.
The solution we’re talking about is a High-Deductible Health Plan (HDHP). Surprised?
In the current reality that is the U.S. healthcare system, if we want to combat waste while providing both members and employers with a viable and affordable solution for ensuring access to quality healthcare, an HDHP is the obvious choice.
That said, there are some important considerations to ensure a successful HDHP solution.
To truly work for the member, as intended, an HDHP must be paired with a Health Savings Account (HSA). Because why not take the financial waste from a traditional health plan and put it to work? After all, it’s the members money to begin with! You’re just “rerouting” it through the system.
A powerful, long-term savings tool for the member, backed by employer contributions and investment opportunities, an HSA ensures that members can pay for the qualified care they need, whenever they need it. Even better, that money rolls over from year to year and can never be touched by anyone but the member.
The second consideration is education. For an HDHP/HSA arrangement to work as intended, having an educational component in place is critical. By empowering members to be savvy, well-informed healthcare consumers that are equipped to make the best decisions for their own health and financial well-being, you create a system that can truly work for everyone.
Finally, rewards. By rewarding sound healthcare decisions with additional HSA contributions, members have an added incentive to be a true self-advocate, which benefits both the member and the plan.
We have one more surprise for you. Everything we’ve just described is the ful. solution.
Want to learn more about what ful. can deliver for you? Let’s talk.
1 Waste in the US Health Care System, Shrank, William H; Rogstad, Teresa L.; Parekhm, Natasha, JAMA Volume 322 (15) – Oct 15, 2019, Accessed April 6, 2022.
2 https://www.valuepenguin.com/high-deductible-health-plan-study