As COVID-19 continues to drive many changes in the world of work, employers have adopted new practices around remote work increasing a sense of isolation among employees. Even employees that must work onsite are increasingly isolated in their personal lives because of new employer and state policies. This sense of isolation creates anxiety and depression, all contributing to today’s mental health crisis and increased substance use disorders. What are employers that offer High Deductible Health Plans doing to ease the pain and cost of substance use disorder?
Today, more than 80% of employers offer high deductible health plans (HDHPs), often paired with a health savings account (HSA) or health reimbursement arrangement (HRA). These health plans offer lower monthly premiums in exchange for a deductible of $1,400 or more for an individual or $2,800 or more for a family. Individuals can cover their deductible with their HSA which benefits from the “triple tax advantage”, whereby deposits are made with pretax dollars, savings grow tax-free, and eligible withdrawals incur no tax liability.
