1. Improve personal financial decisions.
Tools that guide employees toward selecting the right health plan for their circumstances will lead to better overall health and financial decisions. These types of decision-making tools during annual enrollment can guide employees through various inquiries, such as their Health Savings Account (HSA) balance, their capacity to handle unexpected healthcare costs and their total household income. An algorithm within the tools can then incorporate a "capacity to pay" function to take these factors into consideration.
If a high-deductible plan, for example, doesn't suit a consumer's financial situation, a decision-support tool such as Aon’s Benefit Experience “Help Me Choose” tool can adjust recommendations accordingly. For consumers who opt for a high-deductible plan, a tool can suggest an appropriate HSA contribution level that aligns with their enrollment. This predictive modeling assists in making informed financial decisions by calculating potential expenses, considering in-plan and payroll deduction costs and out-of-pocket spending.