Millions of Americans now access health insurance through high-deductible health plans -- but that doesn’t mean they’re accessing health care.
According to a recent study sponsored by insurance.com, an industry-sponsored consumer education site, Americans are putting off medical care to avoid paying their high deductibles.
In a telephone survey of nearly 2,000 households, 64 percent of the high-deductible policy holders said that they had delayed care because they didn’t want to pay.
More than one-in-three respondents, 37 percent, reported holding a high-deductible policy.
“The bottom line is that people are still looking for the lowest premiums possible, which means (high-deductible health plans) will continue to be a popular option for those looking to pay the least upfront costs possible,” said Les Masterson, managing editor of insurance.com, in a released statement. “As (high deductible health plans) become more prevalent, however, health insurance companies and employers will need to make sure that members aren’t putting off necessary care and then have to pay much more down the road.”
Since the passage of the Affordable Care Act in 2010, many Americans found health coverage through lower cost, high deductible health plans purchased through state-sponsored insurance exchanges.
While 45 percent of respondents say they chose their high-deductible plan because it was the most cost-effective option, most don’t feel like they’re enjoying the purported benefits. Almost two-thirds of respondents, 62 percent, felt that high deductible plans ended up costing them money.
The disaffection with high deductible plans may exist because Americans aren’t taking advantage of their associated Health Savings Accounts (HSAs), which allow participants to contribute pre-tax money to an account that can be used for healthcare costs like deductibles.
When asked about their HSA contributions:
- 38 percent of respondents said that they’re contributing between $1,001 and $2,000 annually.
- 30 percent said they were contributing between $500 and $1,000.
- 14 percent said they were contributing more.
- 5 percent contribute more than $3,000.
Employers are also contributing to these accounts, but not necessarily very much: