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November 04, 2008
Health Savings Accounts on Election Day
It has been reported by the CDC's National Health Information Survey (NHIS) that consumer-driven healthcare and Health Savings Accounts has reached the "tipping point" of 20 percent of the under-65 population. Consumer empowerment is about taking money away from third-party payers and putting it in the hands of consumers to spend as they wish. It is much more efficient to pay small claims directly rather than have insurance pay them, and the opportunity to save money changes the behavior of the consumers.
The consumer shops price, service, and quality more, which causes healthcare providers (medical clinics, pharmacies, etc.) to compete harder for those customers by offering more competitive pricing, more convenient hours, and better service. The consumers also become better educated, and are less likely to waste money than when someone else is paying the bill.
Now that 20 percent of the population has a Health Savings Account, we will begin seeing a profound effect on the delivery of healthcare. Every doctor, hospital, and pharmacy will have a fair number of patients paying cash, and will need to respond accordingly. Changes in our healthcare system are certainly coming, but no matter who gets elected, Washington will have a difficult time slowing down the growth of Health Savings Accounts. This is a great thing, because it is really the only long-term solution that will control costs, while also providing individuals with the freedom and ability to access high-quality healthcare that meets their needs.
In the mean time, the tremendous amount of government spending and debt will put pressure on the next candidate to raise taxes, despite the promises of both leading candidates to cut taxes. Everyone who is smart about managing their money should open and fund an HSA today, as one way to shelter current income and the growth of that investment from the reach of government tax-collectors.
Have a great week, and go out and vote today!
Posted by Wiley Long at November 4, 2008 12:08 PM