CHATTANOOGA,
Tenn. (Nov. 5, 2019) — Nearly half (49%) of U.S. workers plan to
enroll in a high-deductible health plan (HDHP) for the 2020 benefit season,
according to employee benefits provider Unum (NYSE: UNM). However, 41% don’t
plan on meeting their deductible in 2019 and 39% found it difficult to pay for
out-of-pocket costs not covered by their health insurance, especially
Millennials (55%) and Gen Z (49%). These findings and more are part of an
online poll of 1,512 U.S. working adults conducted by Unum in August.
HDHPs
typically have deductibles — minimums people must spend before health insurance
kicks in — of at least $1,350 for an individual or $2,700 for a family,
as defined by Healthcare.gov. Without enough
cash on hand, these costs can leave individuals and families financially
vulnerable if they get sick or injured.
“While
HDHPs can be a good choice for the relatively healthy and those looking to
reduce monthly premiums, accidents and illnesses can be costly and happen
unexpectedly,” said Ashley Shope, assistant vice president of product &
market development at Unum. “Annual enrollment is a good time to consider
supplemental benefits like accident, hospital and critical illness insurance
that can help reduce financial risk often created with an HDHP.”
In the
past five years, 61% of full-time U.S. workers have used their health insurance
for medical treatment other than preventive screenings. For those who used
their health insurance, the top reasons were an unexpected illness or diagnosis
(53%) or an unexpected accident or injury (41%).
Supplemental
benefits can help cash-strapped workers cover rising out-of-pocket expenses for
health care. Accident, hospital, and critical illness insurance are common
types of supplemental insurance that pair well with HDHPs, typically providing
covered individuals and families a lump sum cash benefit if a covered accident,
hospitalization or diagnosis occurs.
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