Guardian survey reveals the widespread lack of understanding
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National study by Guardian Life Insurance Identifies the main motivators for participation
NEW YORK, June 3 / PRNewswire / - The Guardian Life Insurance Company of America (Guardian), a leading provider of employee benefits for small and medium-sized enterprises, today announced the results of an extensive survey on consumers regarding attitudes and beliefs of health care coverage, including Health Savings Accounts (HSAS) and high-deductible health plans (HDHPs).
The Benefits & Behavior: Spotlight on Consumer-Driven Health Plans Survey (the survey) revealed that there is still widespread uncertainty about the options in health care coverage. Six years after the HSAS has been introduced as part of the solution to reducing health costs, 59% of consumers know and more than half of those who can not understand the main features of the HSAS.
"Because these plans offer benefits for both employers and employees, we wanted to uncover the barriers to increasing participation, identify key drivers and guards to develop resources to develop the property of HSAS, "said Tim Bireley, Vice President of Medical Group.
Need more education on health savings accounts benefits
HSAS ownership is relatively low, with only one in seven have an HSA, based on the survey of 1,000 adults conducted by Opinion Research Corporation for Guardian in December 2008. Even with awareness, 52% of survey participants did not know that HSA contributions are not subject to tax and 55% think they have to pay taxes on the withdrawals, even when they are used for medical expenses. Portability is another area of confusion with 60% unaware that they take the HSA with them, they should change jobs.
Understanding consumer attitudes towards HDHPs and HSAS help benefit counselors address the needs of employers and ensure that their employees understand their options for health care. This, in turn, preparing consumers to make the most of their medical benefits.
Consumer-driven plans offer the opportunity to achieve significant savings for employers, but at the same time add an additional level of complexity that discourage consideration in May of this beautiful plan. To assist employers in this barrier, Guardian offers a program of communication with employees that includes specialists certified registration, face to face on the site of meetings, an employee benefits hotline to answer questions from employees and customers of materials explain how the work HDHP and HSA to pay for health care needs of employees and their families.
Barriers to Health Savings Accounts
When asked why they do not participate in HDHPs and HSAS, commonly called "consumer-driven healthcare, consumers have cited a number of reasons, including cost and lack of knowledge. With more education, employees can learn how these plans can help save money without sacrificing the benefits.
According to the survey, the two main motivating factors that make health care based on the consumer more attractive to consumers are the employer contributions to the HSA (61%) and the inclusion of a cover of 'critical illness insurance (57%). Another factor promoting the expansion of the property HSAS is that 85% of consumers who participate in this survey said they want more control over decisions which may influence the cost of their health care.
Employers can save costs without reducing benefits
Responding to this interest, the Guardian has recently concluded Consumer health services on the market with the introduction of a new HDHP coupled with a tax deductible that HSA allows members to set aside money that can be used free of tax to pay for medical expenses.
"As the economy - along with rising premiums for health care - the forces of business owners, employees and benefits policy makers to make financial decisions about their provision of health care, focusing on Consumer health plans can provide a solution, "said Bireley." A true holistic health-oriented consumer offer must also provide the system of education and tools they need to make good health decisions . With the benefit of consumers of these ideas, Guardian has developed a program designed to meet the needs of employers aware of the costs and empower their employees to become smarter consumers of health care. "
Guardian is one of the few insurance companies to offer a critical focus related to health plan coverage. Adding critical illness as an option to assure employees that the funds available in case they are confronted with certain serious diseases or other hospital stay before the balances accumulated in the HSA. Illness Payments May be used any way the insured chooses - even if unrelated to medical expenses. "The current economic climate is an opportunity to present this product to employers who will probably adopt our approach to the management of health expenditure HDHPs to grow in popularity and traditional travel cost fails to bridge the gap over the increasing costs health, "said Bireley.
A copy of The Benefits & Behavior: Spotlight on Consumer Driven Health Plans survey is available at www.GuardianBenefits.com.
Guardian medical and critical illness plans are available in some states.
About the Survey
The Benefits & Behavior: Spotlight on Consumer Driven Health Plans study presents the results of a telephone survey conducted among a national probability sample of 1001 adults comprising 500 men and 501 women, aged 18 and over, living in private households in the continental states. The interviews were conducted by Opinion Research Corporation of Princeton, New Jersey, December 12-15, 2008.
About Guardian
The Guardian Life Insurance Company of America (Guardian), one of the largest and oldest mutual life insurance in the United States, is known for its stability and strength. A Fortune 300 company, Guardian is the only major life insurer to earn upgrades two major rating agencies in 2008: A + + (Superior) by AM Best and AA + (Very Strong) by Standard & Poor's. Guardian has also maintained the ratings Aa2 (Excellent) by Moody's and AA + (Very Strong) by Fitch (the opinions in April, 2009).
Founded ago nearly 150 years, Guardian and its subsidiaries are committed to protect individuals, business owners and their employees for life, long-term care insurance, annuity and disability products 'dental insurance, and offer 401 (k), annuities and other financial products and trust services.
Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families to 120,000 companies. The company has more than 5400 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies at the national level.
For more information on Guardian, please visit: www.GuardianLife.com.
SOURCE The Guardian Life Insurance Company of America
NEW YORK, June 3 / PRNewswire / - The Guardian Life Insurance Company of America (Guardian), a leading provider of employee benefits for small and medium-sized enterprises, today announced the results of an extensive survey on consumers regarding attitudes and beliefs of health care coverage, including Health Savings Accounts (HSAS) and high-deductible health plans (HDHPs).
The Benefits & Behavior: Spotlight on Consumer-Driven Health Plans Survey (the survey) revealed that there is still widespread uncertainty about the options in health care coverage. Six years after the HSAS has been introduced as part of the solution to reducing health costs, 59% of consumers know and more than half of those who can not understand the main features of the HSAS.
"Because these plans offer benefits for both employers and employees, we wanted to uncover the barriers to increasing participation, identify key drivers and guards to develop resources to develop the property of HSAS, "said Tim Bireley, Vice President of Medical Group.
Need more education on health savings accounts benefits
HSAS ownership is relatively low, with only one in seven have an HSA, based on the survey of 1,000 adults conducted by Opinion Research Corporation for Guardian in December 2008. Even with awareness, 52% of survey participants did not know that HSA contributions are not subject to tax and 55% think they have to pay taxes on the withdrawals, even when they are used for medical expenses. Portability is another area of confusion with 60% unaware that they take the HSA with them, they should change jobs.
Understanding consumer attitudes towards HDHPs and HSAS help benefit counselors address the needs of employers and ensure that their employees understand their options for health care. This, in turn, preparing consumers to make the most of their medical benefits.
Consumer-driven plans offer the opportunity to achieve significant savings for employers, but at the same time add an additional level of complexity that discourage consideration in May of this beautiful plan. To assist employers in this barrier, Guardian offers a program of communication with employees that includes specialists certified registration, face to face on the site of meetings, an employee benefits hotline to answer questions from employees and customers of materials explain how the work HDHP and HSA to pay for health care needs of employees and their families.
Barriers to Health Savings Accounts
When asked why they do not participate in HDHPs and HSAS, commonly called "consumer-driven healthcare, consumers have cited a number of reasons, including cost and lack of knowledge. With more education, employees can learn how these plans can help save money without sacrificing the benefits.
According to the survey, the two main motivating factors that make health care based on the consumer more attractive to consumers are the employer contributions to the HSA (61%) and the inclusion of a cover of 'critical illness insurance (57%). Another factor promoting the expansion of the property HSAS is that 85% of consumers who participate in this survey said they want more control over decisions which may influence the cost of their health care.
Employers can save costs without reducing benefits
Responding to this interest, the Guardian has recently concluded Consumer health services on the market with the introduction of a new HDHP coupled with a tax deductible that HSA allows members to set aside money that can be used free of tax to pay for medical expenses.
"As the economy - along with rising premiums for health care - the forces of business owners, employees and benefits policy makers to make financial decisions about their provision of health care, focusing on Consumer health plans can provide a solution, "said Bireley." A true holistic health-oriented consumer offer must also provide the system of education and tools they need to make good health decisions . With the benefit of consumers of these ideas, Guardian has developed a program designed to meet the needs of employers aware of the costs and empower their employees to become smarter consumers of health care. "
Guardian is one of the few insurance companies to offer a critical focus related to health plan coverage. Adding critical illness as an option to assure employees that the funds available in case they are confronted with certain serious diseases or other hospital stay before the balances accumulated in the HSA. Illness Payments May be used any way the insured chooses - even if unrelated to medical expenses. "The current economic climate is an opportunity to present this product to employers who will probably adopt our approach to the management of health expenditure HDHPs to grow in popularity and traditional travel cost fails to bridge the gap over the increasing costs health, "said Bireley.
A copy of The Benefits & Behavior: Spotlight on Consumer Driven Health Plans survey is available at www.GuardianBenefits.com.
Guardian medical and critical illness plans are available in some states.
About the Survey
The Benefits & Behavior: Spotlight on Consumer Driven Health Plans study presents the results of a telephone survey conducted among a national probability sample of 1001 adults comprising 500 men and 501 women, aged 18 and over, living in private households in the continental states. The interviews were conducted by Opinion Research Corporation of Princeton, New Jersey, December 12-15, 2008.
About Guardian
The Guardian Life Insurance Company of America (Guardian), one of the largest and oldest mutual life insurance in the United States, is known for its stability and strength. A Fortune 300 company, Guardian is the only major life insurer to earn upgrades two major rating agencies in 2008: A + + (Superior) by AM Best and AA + (Very Strong) by Standard & Poor's. Guardian has also maintained the ratings Aa2 (Excellent) by Moody's and AA + (Very Strong) by Fitch (the opinions in April, 2009).
Founded ago nearly 150 years, Guardian and its subsidiaries are committed to protect individuals, business owners and their employees for life, long-term care insurance, annuity and disability products 'dental insurance, and offer 401 (k), annuities and other financial products and trust services.
Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families to 120,000 companies. The company has more than 5400 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies at the national level.
For more information on Guardian, please visit: www.GuardianLife.com.
SOURCE The Guardian Life Insurance Company of America
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