The 1st Step Toward Consumer Driven Health Plans - Why supplemental benefits make the transition easier
Supplemental benefits are becoming more and more popular, as consumers shift from primarily employer-based health plans to primarily self-funded plans. These are still the minority of all health plan types, but it is a trend that has been on the rise for decades and is continuing to grow.
The need for supplemental benefits arises when a traditional plan does not cover certain services or treatments. That can range from things like vision and dental care in an employee-sponsored type plan, to things like acupuncture or chiropractic care in a self-funded type plan. Employers might have some leeway in what they provide as supplementals under a broad umbrella of coverage, but there are limits and these limits can leave gaps in coverage.
A consumer driven plan is one which puts the power and control in the hands of the consumer. The consumer will decide what care they want to buy and what they don't. It is their money that they are spending on their own health care. Though it may be funded by an employer or some other entity, that employer or other entity has no control over how it is spent.
Supplemental benefits make a transition towards a consumer driven health plan easier because it provides a way for individuals to gain coverage for any type of service or treatment that might not be included in the more traditional plans. This then leaves the consumer in a position where they can decide what they want to buy out of their own plan and can do so with a focus on the type of care that would be most beneficial to them.
Supplemental benefits are also important because they help ease any transition costs associated with moving towards a consumer driven health plan. This is because those transition costs are generally very high for the small, independent employers that make up the majority of self-funded health plans. Allowing individuals to purchase these supplemental benefits with their own funds (if permitted) means that these small employers won't have to spend money on transition costs.
As a result of the continued shift in the health plan market, supplemental benefits are likely to become more popular among consumers and employers as time goes on. In fact, it is estimated that they will account for 20% of all health plan participants by 2025.
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