Health Care Reform

Health Care Reform

Employee Health care benefits are undergoing dramatic change. The passage of The Patient Protection and Affordable Care Act (ACA) has had an impact on the health insurance industry by imposing new requirements on benefits and their availability. As the cost of Health care continues to rise, employers are seeking new avenues of mitigating these changes. As a result, traditional employer-paid health plans that American workers enjoyed for decades are evolving. In addition to requiring employees to pay more of the insurance costs, many employers are opting for High Deductible Health Plans (HDHP), which impose even greater responsibility on employees.

According to the Centers for Disease Control and Prevention, “Among those with private insurance, enrollment in High Deductible Health Plans (HDHP) has generally increased since 2010. The percentage who were enrolled in an HDHP increased almost 15 percentage points, from 25.3% in 2010 to 40.0% in the first three months of 2016.”* While mechanisms for helping employees cope with these additional costs, such as Health Savings Accounts (HSA) and Flex Spending Accounts (FSA) have gained in popularity, these may not fully protect employees from all out-of-pocket expenses associated with Health care services.

With greater employee responsibility for the costs of Health care, consumer consciousness regarding Health care decisions and financial planning is necessary. Many employers are helping workers by offering wellness programs and providing health education resources.

Employee benefits are another important measure to help employees cope with their increased responsibility for Health care planning. Supplemental insurance products are affordable coverage options that employees can elect to help protect against the financial burden of unexpected medical costs and associated expenses. A trip to a hospital emergency room or a critical illness diagnosis need not impose an overwhelming monetary responsibility for workers and their families.

Coverage options such as Critical Illness, Accident, Cancer, Disability and Life insurance can help employees with the costs of health insurance deductibles, copays, final expenses and other costs related to medical care. Supplemental insurance coverage from Allstate Benefits helps protect employees and their families from these unexpected expenses in an unpredictable world.