« HSA Bank Offers Cost Management Option | Main | Health Savings Accounts appeal to forward thinking individuals »
June 23, 2005
Consumer-directed Health Savings Account Plans
A new survey of more than 2,500 people with consumer-directed health savings account plans was conducted by consultants McKinsey & Co. Consumer-directed health plans are those that have higher deductibles, in which the consumer is paying for the initial expenses, while the insurance company pays for the larger expenses. These plans are often paired with a health savings account in order to take advantage of tax-deductible contributions.
Critics have said HSA plans would result in people skimping on basic health care. Instead, the survey showed participants in these plans got annual check-ups, basic lab tests, prostate screenings and mammograms at the same rate as those with more traditional copay plans.
Another finding was that these individiuals were 50 percent more likely to ask their providers about cost. Only when doctors and hospitals come public with their costs will the consumer be able to shop and find the best value. You can bet some of the healthcare providers aren't too happy about this development.
Another interesting fact from this survey was that owners of consumer-directed health savings account plans were 20 percent more likely to carefully follow their doctor's advice and treatment regime. Maybe there's just a little more incentive to stay healthy when you're paying for the drugs and doctor visits out of your own pocket.
Posted by Wiley Long at June 23, 2005 08:40 AM