Traditional PPO and HMO policies still dominate consumer choice when it comes to midsize employers, but more than two-thirds of employees would choose a high-deductible plan given the option, according to a new study from Benefitfocus.
The report is based on benefit selection data from more than 500,000 consumers for the fall 2015 open enrollment period across nearly 2,400 midsize employers. The report defined midsize employers as companies with 100 to 999 full-time employees.
Below are four statistics to know from the report.
1. PPOs were the most popular insurance plan (87 percent) amongst employees at midsize companies.
2. However, when employees were given the option to choose an HDHP, about 34 percent of employees opted for the high-deductible plan.
3. Millennials over the age of 26 were the most likely (40 percent) to choose an HDHP when given the option.
4. About 13 percent of midsized employers surveyed offered at least one high-deductible option.