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February 07, 2011
The Changing Health Savings Account Landscape
President Obama acknowledged health savings accounts by including them as one of his policy proposals. Health savings account (HSA) plans are associated with the lower premiums of high-deductible health insurance policies.
The attraction of low premiums is integral to the increase of employers switching to HSA plans for their employees. According to Tower Watson and the National Business Group on Health's 2010 survey, 83 percent of businesses have already or are planning to change the health care they offer.
Employers are fighting the sky-rocketing cost of health care in the U.S., which is growing by approximately double the rate of inflation. The 2010 survey found that 61 percent of companies contacted were interesed in consumer-driven health plans (CDHPs), such as low-premium, high-deductible health insurance plans that are qualified to work with an HSA.
According to the CEO of PayFlex Robert Natt,“Health Savings Accounts have the potential to transform healthcare like managed care did in the 1980s. As the largest third-party administrator of Health Savings Accounts today, PayFlex’s vision is to bring innovative products and services to the market—with the ultimate objective of increasing engagement and driving down costs.” More information about how HSA plans work is available on our website.
Posted by Wiley Long at February 7, 2011 02:04 AM