U.S. workers gamble with health insurance benefits, Unum finds
Half of workers will choose a high-deductible health plan, yet lack cash for out-of-pocket costs
Nearly half (49%) of U.S. workers plan to enroll in a high-deductible health plan (HDHP) for the 2020 benefit season, according to employee benefits provider Unum UNM, -0.43%. However, 41% don’t plan on meeting their deductible in 2019 and 39% found it difficult to pay for out-of-pocket costs not covered by their health insurance, especially Millennials (55%) and Gen Z (49%). These findings and more are part of an online poll of 1,512 U.S. working adults conducted by Unum in August.
HDHPs typically have deductibles — minimums people must spend before health insurance kicks in — of at least $1,350 for an individual or $2,700 for a family, as defined by Healthcare.gov. Without enough cash on hand, these costs can leave individuals and families financially vulnerable if they get sick or injured.