Is it time to move to a High Deductible Medical Plans

Many individuals and companies searching for health insurance in North Carolina are making the move to High Deductible Healthcare Plans (HDHP) - also known as HSA plans. According to BenefitsBuzz.net, companies that started with a traditional PPO plan have generally kept those plans in place, bringing in the high-deductible/consumer-driven plans as an option, then attempted to draw employees into those plans with premium cuts and funding of Health Savings Accounts.

As with most companies, this has been a hard year at General Electric. Its 75,000 employees and 8,000 retirees under age 65 are having to move from the traditional plans to a HDHP. They will no longer have a choice.

“GE says the plan is being rolled out to make employees better health-care consumers. While GE says its future cost savings are unclear, people with knowledge of the situation estimate it could save $1 billion over the next decade or so. With three tiers of premiums and deductibles, GE spokesperson Sue Bishop notes, employees still have options. “It’s not that different from their car insurance,” she says. “You get to choose the amount of your premium, and that determines the amount of your deductible.”

This is truly a bold move.