Health insurance is, a promise by an insurance company or health plan to provide or pay for health care services in exchange for payment of premiums. The cost of health insurance has risen tremendously over the last decade forcing employers and individuals to explore different plan options to reduce premium cost. Within the last few years, there has been a shift in the health insurance market to high deductible plans with a number of different employee savings vehicles. HSA, HRA, VEBA, and 105 plans have become popular offerings for employers due to the cost savings opportunities and the increased consumerism by the individual member.
Employer provided health insurance is still highly regarded by employees as a necessary benefit. Although the cost of this offering can be high, it can be affordable and even manageable long term given the proper plan design maintenance and company-wide health promotion.