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Consumer-Driven Healthcare Plans from GMG Insurance

As companies have tightened their belts over the past five years, many have searched for ways to continue offering prized medical benefits to employees. The answer in quite a few of those workplaces has been to continue group health plans but shift more of the cost for services to employees.

While they may not be as attractive to employees as employer-paid group health, consumer-driven plans (CDHPs) can still be appealing if they are done right. Some CDHPs place more of the financial responsibility for healthcare in the policyholder’s hands through higher deductibles. Others modify traditional group health plans by requiring higher co-pays for higher-cost providers. Alternatively, the employer can make its health plan premium contributions part of a defined contribution benefit plan.

At GMG Insurance, we’ll look at the range of consumer-driven healthcare options available to your company and discuss the possibility of coupling eligible plans with medical savings plans that can help employees prepare for potential medical expenses.

Medical Savings Plans

Personal healthcare accounts can be associated with some CDHPs. Health savings accounts (HSA) are popular because they can be funded with pre-tax income, and the employer can also contribute to the account. Employees own the accounts, and the funds can travel with the worker to another job.

An HRA, or health reimbursement account is funded by the employer and isn’t portable. There is also the option of providing a flexible savings account, which is like an HSA but can be attached to a traditional group health plan.

There are many creative ways to design and fund healthcare, and CDHPs can be complemented with voluntary healthcare products that help with the deductibles. Your GMG advisor will work with you to find a great combination.

Consumer-driven health plans are a good alternative for cost-conscious companies.

Turn to GMG Insurance for personalized attention on managing your assets and securing products that accommodate your lifestyle, now and as it changes over time. Contact us at (215) 497-9240; (800) 540-7900; or email at