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"Selecting a health care plan is just one piece of a puzzle that can impact short- and long-term financial wellness for an employee and their family." Rob Grubka, President, Voya Employee Benefits
WALTHAM, MA, November 14, 2019 /24-7PressRelease/ -- SAVVI Financial LLC, a leading technology-enabled financial wellness platform, released a white paper for both employees and company senior executives struggling to understand how to handle the projected 40 percent increase in health care costs over the next eight years.
"Selecting a health care plan is just one piece of a puzzle that can impact short- and long-term financial wellness for an employee and their family. It's important for employees to calculate their past-year's health care costs, estimate those for the coming year and then look across all of their employers' benefits offerings to determine the right combination of supplemental benefits to help with out-of-pocket costs," said Rob Grubka, president, Voya Employee Benefits. "For example, if an employee selects a health-savings-account (HSA) eligible consumer-directed health plan (CDHP), enrolling in a tax-advantaged HSA can help cover qualified expenses today, as well as into retirement."
The white paper "The Ongoing Struggle to Control Health Care Costs," reviews the popular approaches businesses have attempted to date with the related barriers preventing these approaches from being successful. CDHPs have the most potential for alleviating health care costs but it's complicated setup for employees has led to failed implementation across numerous corporations. Key barriers include employee resistance due to perceived increase of risk and cost, incorrect CDHP and HSA setup due to plan complexities and the delay or refusal of treatment due to high health care costs compounded by underfunded health plans.
Gina Mourtzinou, CEO of SAVVI said, "For employees to be successful in the long run, they need to be both health care savers and retirement savers. These decisions are interconnected and employees need a solution that can help them make the best decisions as their family or financial situation changes."
Employees want a solution that evaluates not only their current financial picture but also their health care costs and choices. SAVVI guides employees beyond simple financial planning and can also recommend specific funded amounts and investment decisions related to health care that make sense for the individual or household. SAVVI strives to improve the financial wellness of all employees and deliver the education, tools, and, support they need to live their best financial lives.
Click here to download the white paper, "The Ongoing Struggle to Control Health Care Costs."
Started by a team of MIT PhDs with 20+ years of experience in finance, analytics, and robust optimization with a core mission to democratize financial planning and advice, SAVVI Financial LLC is an SEC-registered investment advisor that delivers tax-smart financial guidance using deep quantitative analysis to help customers achieve their financial objectives. For more information, visit www.savvifi.com.
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