Many employers have exhausted plan design changes and can’t afford further health care cost increases. And traditional managed-care plans shield consumers from the true costs of health care. To meet today’s health care demands, Great-West Healthcare, now part of CIGNA, offers several consumer-driven options that encourage members to become better informed and take control of their health care experience:
Great-West Healthcare Consumer Advantage
Low Cost, High Enrollment Consumer-Driven PPO
Moving to a consumer-driven plan can be a big step. Great-West Healthcare Consumer AdvantageSM bridges the gap between traditional managed care and CDHC through a tiered PPO using deductibles, copays and coinsurance — plan elements people understand. It directly addresses the reality of escalating costs by providing comprehensive coverage when employees need it most, at a cost employers can afford.
Through a three-tiered PPO using deductibles, copays and coinsurance, the Great-West Healthcare Consumer Advantage plan offers comprehensive coverage at a cost employers can afford. The plan engages employees in cost-sharing without requiring you to fund an employee health care account; reduces utilization by more than nine percent1 in addition to a 10 to 15 percent savings on health care costs over a traditional PPO2; and is chosen by 37 percent of eligible employees3, though only 3 to 15 percent of employees typically choose consumer-driven coverage when offered a choice4.
Great-West Healthcare Health Reimbursement Account (HRA)
Flexible Design for Diverse Employee Needs
The HRA encourages cost-conscious use of health care services and can be tailored to meet the needs of a diverse employee population. With its pay-as-you-go plan design — money only leaves the account as claims are incurred — the HRA engages employees in health care spending decisions, which helps contain costs. At the employer's discretion, the HRA may be offered alongside an FSA, providing considerable pretax savings to employees.
Great-West Healthcare Health Savings Account (HSA)
Easy Administration, Tax Advantages and Investments
The HSA combines affordable medical coverage and a savings account that can be used to help pay for deductibles and non-covered medical expenses. It allows employers and/or employees to fund tax-advantaged accounts (e.g., investment options such as mutual funds). And, its low-cost administration, roll over and portability and tax-saving features make the HSA an appealing consumer-driven option. And, because employees contribute, save and pay for health care on a tax-free basis, HSAs increase the likelihood that employees will choose a consumer-directed plan.
1 Reden & Anders, May 2005
2 Great-West Healthcare Research, January 2005
3 2004 Hewitt Associates Study: “Health care expectation: Future strategy and direction”
4 Reden & Anders, May 2005