Nearly half (49 percent) 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. However, 41 percent did not plan on meeting their deductible in 2019 and 39 percent found it difficult to pay for out-of-pocket costs not covered by their health insurance, especially Millennials (55 percent) and Gen Z (49 percent).
These findings and more were 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 and 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 percent 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 percent) or an unexpected accident or injury (41 percent).
Learn more: Unum Group.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].