MILWAUKEE, July 24, 2018 /PRNewswire/ -- HSA Bank, a division of Webster Bank, N.A., released a new white paper today for employers and benefit consultants that addresses the lack of understanding many employees have when it comes to complex health insurance decisions.
According to a recent survey, only 10% of employers are very confident that their employees understand the choices they are making when it comes to health insurance.* Employees may make the wrong decision on health plan based on uncertainty about plan cost sharing amounts, fear of a high deductible or out-of-pocket maximum, or lack of plan evaluation. With so many factors influencing the health plan that is right for a particular employee and their family, it is essential for employers to provide the tools necessary to evaluate plan options, and help them understand the significance of their decision and its impact on their physical and financial health.
HSA Bank's newest white paper, titled Are your employees selecting the right health plan?, provides insight into:
Why employees may choose the wrong health plan
How employees can evaluate health plans to make the best decision for their situation
What employers can do to help employees during the health plan selection process
"It's important for employers to educate employees on health plan selection and teach them how to evaluate plans," said Chad Wilkins, president of HSA Bank. "HSA Bank's Health Plan Comparison Calculator is just one way to help employees make the best decision for their unique situation."
*Results from a proprietary third-party survey commissioned by HSA Bank, April 24-26, 2018, surveying 100 human resources and benefit professionals.
About HSA Bank: HSA Bank is a trusted leader in consumer-directed healthcare (CDH), focusing on Health Savings Accounts (HSAs) for over two decades and serving as both the bank and administrator. Discover how we can support your benefits strategy with our comprehensive account-based health benefit solutions that include HSAs, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Commuter Benefits. With a reputation for outstanding service and thought leadership in the CDH space, we offer one platform and one portal for all of our members. HSA Bank inspires nearly 2.7 million members and more than 35,000 employer groups to own "your" health by making it easy to access, understand, and afford healthcare. As of June 30, 2018, HSA Bank had $7 billion in total footings comprising $5.5 billion in deposit balances and $1.5 billion in assets under administration through linked investment accounts. HSA Bank is a division of Webster Bank, N.A., Member FDIC.