Apr 16, 2018
High deductible health plans (HDHPs) and voluntary benefits are becoming more and more popular in the Western United States, according to a report by Benefitfocus. Since 2016, HDHP offering rates increased 76 percent. Employees in the West made and received the highest HSA contributions. This data is based on surveying employers with 1000+ employees. Here are some stats about health plans in the West:
- The average annual HSA contribution is $1,490 for the employee and $750 for the employer, which is up 11 percent from 2017 and 19 percent from 2016.
- The average annual employee FSA contribution for single coverage is $806.
- The average annual health plan deductible for single coverage is $884 for a PPO and $2,226 for an HDHP.
Employers in the West also offer the widest array of choice in voluntary benefits, such as accident, critical illness and/or hospital indemnity insurance. Across the country, the majority of employers who offer at least one voluntary accident, critical illness, and/or hospital indemnity plan tend to offer all three products together. In the West, nearly 20 percent of employers offer all three; over 10 percent offer two; and only about 5 percent offer only one. Employees are more likely to select just one voluntary accident, critical illness or hospital indemnity plan, rather than multiple products. In the West, 20 percent chose only one product; nearly 10 percent chose two; and about five percent chose all three.
Contact your LISI Sales Representative for more information on HDHPs and Voluntary Solutions.
