High-deductible health plans are popular among employers because - at a time when health care costs are increasing at an average 10% per year - the plans tend to save companies a lot of money.
Although employees still are coming around to fully embracing HDHPs, First Horizon, a financial services firm located in Tennessee with 4,500 employees, seems to have found an answer to making HDHPs successful: Communication. The company's four-person benefits team, with help from Change Healthcare Corporation, conducted a large-scale communications campaign to boost participation in its HDHP. Originally implemented in 2006, First Horizon's HDHP was one option for employees to choose from, in addition to two PPOs. Participation hovered around 6% to 10%. Following the communication and education blitz, HDHP participation now stands at 26%.
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