Guardian Survey Reveals Widespread Lack of Understanding of Health Saving... (thcare options. This in turn prepares co...)

Guardian Survey Reveals Widespread Lack of Understanding of Health Savings Accounts

Date:6/3/2009

thcare options. This, in turn, prepares consumers to get the most from their medical benefits.

Consumer-driven plans offer the potential for substantial cost savings to employers but at the same time add an extra level of complexity which may dissuade them from considering this attractive plan. To help employers over this hurdle, Guardian offers a comprehensive employee communication program that encompasses certified enrollment specialists, face to face on-site meetings, an employee benefits hotline to answer employees' questions and customer-friendly materials to explain how the HDHP and HSA work together to pay for the healthcare needs of employees and their families.

Obstacles to Health Savings Accounts

When asked why they do not participate in HDHPs and HSAs, commonly known as consumer-driven health care, consumers cited a variety of reasons, including expense and lack of knowledge. With more education, employees can learn how these plans can help them to save money without sacrificing benefits.

According to the survey, two key motivators that would make consumer-driven healthcare more appealing to consumers are employer contributions to the HSA (61%) and the inclusion of critical illness insurance coverage (57%). Another factor favoring expanded ownership of HSAs is that 85% of consumers participating in this survey stated they want more control over decisions that can influence the cost of their healthcare.

Employers Can Save Costs Without Reducing Benefits

Responding to this interest, Guardian recently entered the consumer-driven health care market with the introduction of a new HDHP coupled with a tax-deductible HSA that lets members set aside money that can be used tax-free to pay for qualified medical expenses.

"As the economy - coupled with rising healthcare premiums - forces business owners, employees and benefit decision makers to make
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