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August 19, 2010
Health Savings Accounts: Can You Cut Your Healthcare Expenses With One?
Millions of Health Savings Account owners are trying to do just that. They have already deposited billions of dollars with the intent of covering their future medical expenses with tax-deductible dollars.
Why are Health Savings Accounts so attractive? You can invest tax-free money in a Health Savings Account and still control the type of investment. You can choose anything from savings accounts to a full brokerage house.
Unfortunately, there's less choice in healthcare itself. Policies in the U.S. still limit competition and make it difficult for consumers to comparison shop for doctors and hospitals. The answer is clearly to build more competition and empower consumers to drive down prices and increase access to and the quality of healthcare.
The growth of HSA plans has already helped to increase transparency and competition in the medical industry. Doctors are becoming more available by phone, medical kiosks are moving into malls, certain doctors with substantially lower rates now only accept cash payments and more doctors are competing for consumers’ healthcare dollars.
The market will respond as more and more consumers use health savings accounts to fund their medical care. Providers will begin to compete more by increasing quality and service that can benefit all consumers. You can stay up-to-date on the growing opportunities of HSA plans with the news updates on our website.
Posted by Wiley Long at August 19, 2010 01:17 AM