In the modern-day workplace, group health benefits are a complex puzzle of multiple pieces, and HR managers are challenged—more than ever before—to produce suitable and affordable benefits plans for company employees. The health insurance policy is only one small piece of the employee benefits puzzle.
Due to skyrocketing costs of health coverage, employers who wish to offer generous health plans must now piece together various types of plans to minimize costs, reduce monthly premiums, and help employees cover high, out-of-pocket expenses. These types of plans bring about the various acronyms for health plans that make up the benefits puzzle.
So, what do these acronyms mean, and in what ways are they helpful? Here’s a look at three health benefits plans that help subsidize out-of-pocket costs by providing tax relief and funds for expenses.