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October 28, 2009
Health Savings Accounts Are Benefiting Employees and Employers
Multiple surveys conducted by ACS Solutions have shown that employees and employers who are using a Health Savings Account and a HSA-qualified health insurance plan are saying they are satisfied with their coverage, spend less on healthcare and are more engaged in managing health benefits.
Tax-favored Health Savings Accounts are designed to help individuals pay for current qualified health care expenses and save for future medical and retiree health care expenses.
“With the vigorous debate over health care reform, and more specifically health insurance reform, the survey results indicate that employers and account holders more effectively control costs and are satisfied with their coverage by utilizing Health Savings Accounts,” said Tom Hricik, national director for Dallas, Texas-based ACS Solution, an administrator of HSA plans. “The survey results also indicate that Health Savings Accounts are being used by account holders as an important vehicle to save for future medical expenses.”
Employers found benefits to Health Savings Accounts, as well. Exactly 86% of those offering the option for more than three years indicated that plan costs were the same or less than the previous year. Almost all employers surveyed (96%) said Health Savings Accounts allow the company to continue offering group-sponsored health insurance.
The surveys were completed in the spring by Buck Consultants, an independent arm of ACS.
The surveys found that 84% of account holders said their HSA-qualified health insurance plans are affordable, and 72% said they pay the same or less than with a traditional type of health plan.
After moving to a Health Savings Account, more than half of account holders said they more closely monitor their health care costs, a finding that supports one of the key claims for how Health Savings Accounts ultimately save money.
Exactly 48% said they read their medical bills more closely, 46% have a better understanding of where their money goes, and about 40% more closely evaluate costs before electing medical services, according to the surveys.
A majority of HSA holders (81%) said the ability to personally control health care costs is an important factor that caused them to select an HSA.
Posted by Wiley Long at October 28, 2009 10:28 AM