If recent polling data is reflective of society at large, a substantial number of people with employee benefits will choose a plan this year that's not as comprehensive as what their workplace provided last year in order to keep their premium costs in affordable territory.
That's according to a recent survey performed by global management consulting firm Accenture. It found that approximately 25 percent of individuals who enrolled in a health exchange this year selected a policy that didn't have as many coverages as what their employer once offered, all so that they could keep their monthly premiums relatively inexpensive. Additionally, among those who were able to save, close to 60 percent said that they would take what they had left over to pay for vision coverage or some other supporting health plan.
Rich Birhanzel, managing director of administrative services at Accenture, indicated that private exchanges are set up so that consumers can buy coverage based on their unique needs.
"However, to make more informed decisions, consumers need a better understanding of the complex tradeoff decisions that are part of the enrollment process, such as weighing individual medical risks against personal financial circumstances," said Birhanzel. "Without that knowledge, consumers will be more likely to face higher costs that could potentially arise from unexpected incidents and treatment needs."
The survey also found that among the 2,000 employees who were surveyed, more than four in five said that they would be amenable to raising their deductible if they knew it could shave at least $50 off of their premium expenses.
Many business owners are looking to save as well. In a national survey of more than 723 entrepreneurs, nearly half – 45 percent – said that they will consider using a private exchange to cover their employees at some point between 2014 and 2018, according to the Private Exchange Evaluation Collaborative, a coalition of several nonprofit businesses.
