Employers / HR Professionals
IDENTIFIED AUDIENCE
- Employers – aiming to lower Health Care expenses
- HR Professionals – facilitators of annual Open Enrollment engagements
CHALLENGES / NEEDS
- Employer Health Care costs continue to rise
- HR is flooded with inquiries during Open Enrollment about the Plan costs, details, and options
SOLUTIONS
- Organizations can offer the Calculator to Employees as a valuable added benefit.
- HR can leverage the Calculator to enhance Open Enrollment interactions
BENEFITS
- Reduced Employer matched Health Care costs due to Employees making more cost-conscious decisions
- Generates good-will with Employees
EXAMPLE
POTENTIAL EMPLOYER SAVINGS ON MATCHED HEALTH CARE EXPENSES
Employees have choice of High Deductible Health Plan with HSA (HDHP / HSA) vs. EPO Plan
Single Employee Premiums – HDHP / HSA = $2,596/yr EPO = $3,107/yr
Family Employee Premiums – HDHP / HSA = $6,777/yr EPO = $7,480/yr
Assume Premium split – Employer 75% Employee 25%
Employer would save $1,533/yr per Single Employee who chooses HDHP / HSA vs. EPO
Employer would save $2,109/yr per Family Employee who chooses HDHP / HSA vs. EPO
DISCLAIMER
The Health Insurance Plan Calculator is intended to give the best possible estimate of both before-tax and after-tax medical insurance expenses including premiums furnished by the Customer. It is best used to compare various medical insurance plans on a relative basis to each other. The authors of this Calculator do not take any liability, either written or implied, for actual medical insurance expenses that may differ from the estimates generated by this Calculator. The estimates generated by the Calculator are not intended to be professional advice, and the Customer is solely responsible for using the information in a careful and mindful manner.
Mt. Laurel, NJ 08054
