May 11, 2008
HSA for America Opposes Health Savings Account Substantiation
HSA for America strongly opposes any proposal that would require substantiation of Health Savings Account withdrawal transactions or any radical change to the current administration of Health Savings Accounts.
Health Savings Accounts are a dynamic, consumer-friendly and increasingly popular health insurance product enjoyed by millions of Americans. Current law already requires individuals with an HSA to keep and supply receipts to the Internal Revenue Service when requested. It is the individual's responsibility to keep good tax records--through self reporting--just as they do with charitable contributions and other tax deductions.
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Posted by Wiley Long at 06:54 PM | Comments (0)
May 08, 2008
A Health Savings Account Can Meet Your Family's Health Needs
Making sure that your family is able to stay healthy partly depends on having a good health insurance program for them. One of the more recent new additions to the health insurance industry is called the Health Savings Account (HSA). This new program enables you to have reduced insurance rates because of a higher deductible, and a tax deferred savings program with it. Here are some of the features of this program:
Continue reading "A Health Savings Account Can Meet Your Family's Health Needs"
Posted by Wiley Long at 10:08 AM | Comments (0)
May 05, 2008
Employer Interest in Health Savings Accounts Is Growing in Colorado
Fifteen percent of Colorado employers offered Health Savings Accounts (HSAs) in 2007, and 23 percent considered offering one, according to a survey conducted by the Mountain States Employers Council (MSEC).
"It's a good thing!" said Linda Gorman, director of health care policy at the Colorado-based Independence Institute. "The more choice you give people, the better off they are. You have more choice with the HSA because you can spend it on anything the IRS deems a legitimate health expense."
Continue reading "Employer Interest in Health Savings Accounts Is Growing in Colorado"
Posted by Wiley Long at 11:23 AM | Comments (0)
May 01, 2008
Aetna To Offer Health Savings Account Plans To Conn. Businesses
Aetna will begin offering individual health insurance policies to about 40,000 businesses and through 79 Chambers of Commerce in Connecticut, under an agreement with the Chamber Insurance Trust.
The arrangement is aimed at sole proprietors of businesses and workers who don't have insurance through an employer, and could help reduce the number of uninsured residents in the state, said Stephen Glick, administrator of the trust.
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Posted by Wiley Long at 10:50 AM | Comments (0)
April 29, 2008
Managing Costs With Your Health Savings Account
As health care consumers and employers look to Health Savings Accounts and high deductible plans to reduce their health insurance premiums, the insured are at higher risk for their medical expenses. In exchange for lower premiums, health care consumers spend hundreds or even thousands of dollars on deductibles before their insurance companies pay a nickel. The new trend has health care consumers scrambling.
Denver medical providers offer advice:
Continue reading "Managing Costs With Your Health Savings Account"
Posted by Wiley Long at 07:30 AM | Comments (0)
April 24, 2008
Survey Shows Satisfaction in Health Savings Account Plans Increasing
The Commonwealth Fund teamed up with the Employee Benefits Research Institute (EBRI) to publish the results of an annual, Internet-based survey on the experiences of enrollees in health plans with different levels of cost-sharing.
The previous three surveys all showed enrollees were not as satisfied with Health Savings Account (HSA) plans as those in comprehensive plans. However, satisfaction has improved in the most recent survey:
Continue reading "Survey Shows Satisfaction in Health Savings Account Plans Increasing"
Posted by Wiley Long at 12:02 PM | Comments (0)
April 21, 2008
Getting Healthy Through Health Savings Accounts
A small Edina, MN company is finding its niche in the fledgling market for Health Savings Accounts, betting people soon will start investing more and more excess funds in their accounts.
Remjeske heads a small Edina, MN investment house called Devenir that's staking its future on Health Savings Accounts (HSAs).
Continue reading "Getting Healthy Through Health Savings Accounts"
Posted by Wiley Long at 12:34 PM | Comments (0)
April 18, 2008
Do You Qualify For a Health Savings Account
I am 60 and retired with sources of income from investments and pensions, but no earned income. Would I qualify for a Health Savings Account if I took out a high-deductible policy?
You sure can, and it's a great idea. Unlike with IRAs, you don't need to have earned income to qualify for a Health Savings Account. Instead, you just need to open a high-deductible health insurance policy. For 2008, the deductible must be at least $1,100 for individual coverage or $2,200 for family coverage.
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Posted by Wiley Long at 09:21 AM | Comments (0)
April 14, 2008
Long Term Care and Health Savings Accounts
As the April 15 tax deadline looms, filers should not overlook the deductions allowed for long term care insurance and the potential combination of using your Health Savings Account to pay for them.
According to LTC Financial Partners LLC, the nation’s most experienced long term care insurance agency, "People with LTC policies can deduct substantial sums, and those who don’t have policies, but want them, can set themselves up now for deductions next year."
Continue reading "Long Term Care and Health Savings Accounts"
Posted by Wiley Long at 04:55 PM | Comments (0)
April 08, 2008
Health Savings Accounts Are A Great Business Opportunity
Some business owners say they never like to sit tight. They're always thinking of new schemes to make millions. Chocolate chip cookies stuffed with bubble gum. Golf balls with GPS devices. A working cell phone.
They're jealous of those entrepreneurs that fail at 87 businesses before finally getting it right. They've seen photos of them vacationing in Tahiti with a bikini-clad model under each arm, and we say why not us?
So, as a public service to anyone who wants to start a new business, here's a great idea to chew on: Sell and service Health Savings Accounts (HSAs)... No, I'm not kidding.
Continue reading "Health Savings Accounts Are A Great Business Opportunity"
Posted by Wiley Long at 02:42 PM | Comments (0)
April 04, 2008
Not All Tax Preparation Software Can Handle Health Savings Account Deductions
Several Health Savings Account owners who file their federal taxes electronically are complaining that commercial tax-preparation software makes it difficult to take Health Savings Account deductions, and as a result some Americans are missing out on a key advantage of Consumer Driven Healthcare.
"A number of people have been frustrated in dealing with the software," says Grace-Marie Turner, president of the Galen Institute, a Washington, D.C.-based health and tax policy research organization. "I'm hearing from more and more people."
Continue reading "Not All Tax Preparation Software Can Handle Health Savings Account Deductions"
Posted by Wiley Long at 02:37 PM | Comments (1)
April 01, 2008
BearingPoint Predicts Rapid Expansion of Health Savings Accounts if Universal Health Coverage Programs are Adopted
BearingPoint, Inc., one of the world's largest management and technology consulting firms, released projections for the impact of the most widely touted health proposal across the presidential candidates' platforms - universal coverage - on multiple health constituents. Universal coverage as described in the presidential health platforms, is being applied in California and Massachusetts and requires coverage for all (or nearly all) residents through mandates or incentives, for insurance usually supplied through employers of all sizes.
In application, this would increase the offering of high-deductible health plans (HDHPs) and Health Savings Accounts (HSAs).
Posted by Wiley Long at 01:25 PM | Comments (1)
March 26, 2008
The Entrust Group Unveils Health Savings Account Product
The Entrust Group, a self-directed retirement account provider has announced the launch of their Health Savings Account product -- The Entrust Self-Directed HSA. Like other HSA products, the Entrust Self-Directed HSA can be used to pay for current or future qualified medical expenses, when combined with a high deductible health care plan. In addition, since the funds in the account can be self-directed, the account holder may invest their savings into many types of non-traditional assets, including real estate, notes, mortgages, private placements and more.
Continue reading "The Entrust Group Unveils Health Savings Account Product"
Posted by Wiley Long at 10:14 AM | Comments (0)
March 20, 2008
HSA for America Releases 2008 Edition of 'The Complete Consumer's Guide to Health Savings Accounts'
HSA for America has released the 2008 edition of their popular guide to Health Savings Accounts called "The Complete Consumer's Guide to Health Savings Accounts." This comprehensive 36 page report explains how Health Savings Accounts work, what insurance plans can be partnered with an HSA, how to choose the best plan, and strategies to help consumers maximize their savings and tax benefits.
The vast distribution of past editions of this guide has proven to be an asset to those seeking to be fully informed about Health Savings Accounts. This report is available free of charge to anyone interested in learning more about Health Savings Accounts.
Posted by Wiley Long at 09:40 AM | Comments (0)
March 16, 2008
Important Tax Filing information for those with Health Savings Accounts
The IRS has recently released an updated version of Publication 969 for use in preparing tax returns for the 2007 fiscal year. Publication 969 pertains to tax favored health accounts, including information regarding Health Savings Accounts, Health Reimbursement Arrangements, Flexible Spending Accounts, Archer Medical Savings Accounts, and Medicare Advantage Medical Savings Accounts.
The updated document reflects the new 2007 limits for Health Savings Accounts and incorporate changes made by the Tax Relief and Health Care Act of 2006 which took effect in 2007.
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Posted by Wiley Long at 02:05 PM | Comments (0)
March 12, 2008
Mangrove Announces Health Savings Account Product Launches
Mangrove Employer Services, a leading software and services provider of web-based Human Resource Management, Payroll, Benefits Administration and Self Service solutions, announces the launch of its new Health Savings Account and Health Reimbursement Account programs.
Mangrove Employer Services teamed up with an experienced and trusted partner, Evolution Benefits, the technology leader in electronic benefits payment services, in 2007 to provide this new offering.
Continue reading "Mangrove Announces Health Savings Account Product Launches"
Posted by Wiley Long at 12:51 PM | Comments (0)
March 07, 2008
Health Savings Account Owners Get New Tool to Compare Prices
You can buy almost anything online these days, but try shopping the Internet for an MRI, strep throat test or even an annual physical exam and you'll run into roadblocks. Health Savings Account owners know the frustrations and are always looking for better ways to shop for health care.
A new Twin Cities company called Carol is trying to change that with a Web site that gives Health Savings Account consumers a "care marketplace" to search for medical services, compare quality and price, and make appointments.
Continue reading "Health Savings Account Owners Get New Tool to Compare Prices"
Posted by Wiley Long at 10:41 AM | Comments (0)
March 04, 2008
HSA Administrator Exante Bank Names New President
Kelvin Anderson has been named president of Exante Bank, a Health Savings Account administrator affiliated with UnitedHealth Group.
Anderson takes over at the Minnetonka-based bank -- just ahead of Exante's and its parent company's Exante Financial Services' name change to OptumHealth Bank and OptumHealth Financial Services. The name change became effective March 3.
Continue reading "HSA Administrator Exante Bank Names New President"
Posted by Wiley Long at 08:02 AM | Comments (0)
February 29, 2008
Employers Explore Health Savings Account Options
David Martin, owner of Accucam in Coopersville, Mich., thought he had run out of health-care options for his workers when the provider of his group health plan dropped their coverage. Premiums had doubled the prior year, and participation dwindled to three of 15 workers.
So instead of providing group insurance, Mr. Martin is offering allowances -- such as contributions to Health Savings Accounts -- to employees who buy their own coverage in the individual market. Other small and medium-size employers are also providing stipends to workers who buy their own coverage through similar defined contribution programs.
Continue reading "Employers Explore Health Savings Account Options"
Posted by Wiley Long at 01:49 PM | Comments (0)
February 25, 2008
Report Shows Financial Industry is Ignoring Health Savings Accounts
While consumers have an interest in Health Savings Accounts, only a handful of financial companies that provide Health Savings Accounts promote the savings vehicle.
According to a white paper, "Health Savings Accounts as Retirement Savings Protection," UMB Financial Corp. of Kansas City, Mo., New York-based JPMorgan Chase & Co. and The Vanguard Group Inc. of Malvern, Pa., are in a minority of companies that effectively promote Health Savings Accounts on their websites.
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Posted by Wiley Long at 07:14 AM | Comments (0)
February 20, 2008
Health Savings Accounts Helping to Counter Rising Insurance Premiums
A recently released national survey regarding employee benefits produced results that should hardly be shocking - that health insurance is expensive and costs continue to rise at an alarming rate.
To combat this trend, thousands of companies have found an option to their liking - "IRA-like" Health Savings Accounts. Reasons are abundant as to why Health Savings Accounts are growing in popularity to employees:
Continue reading "Health Savings Accounts Helping to Counter Rising Insurance Premiums"
Posted by Wiley Long at 09:20 PM | Comments (0)
February 15, 2008
Survey Finds Financial Institutions See Health Savings Accounts As a Significant Business Opportunity
A majority of the nearly 1,200 financial institutions responding to a recent Wolters Kluwer Financial Services survey say they are offering their customers Health Savings Accounts and that the top reason they are doing so is customer demand.
Sixty-two percent of the survey's respondents, a majority of which were community banks and credit unions, said they are offering Health Savings Accounts while more than one in three of the respondents who said they weren't, are planning to do so in the next three months.
Posted by Wiley Long at 08:39 AM | Comments (0)
February 12, 2008
Health Savings Accounts Creating Healthy Lifestyles and Retirement Income
As we've long said, Health Savings Accounts bring a win-win-win situation for participating individuals, employees, employers and insurance providers a like... Here's how:
Health Savings Accounts promote personal accountability for one's health. By replacing a traditional plan with an HSA-qualified health insurance plan, individuals and employees not only get better coverage but other long-lasting benefits as well.
Continue reading "Health Savings Accounts Creating Healthy Lifestyles and Retirement Income"
Posted by Wiley Long at 08:51 AM | Comments (0)
February 07, 2008
HSA Bank Reaches Health Savings Account Milestone
HSA Bank has announced that it has become the first Health Savings Account (HSA) administrator in the nation to surpass $500 million in HSA deposits.
"Reaching a half billion dollars in overall HSA deposits is not only a remarkable milestone for HSA Bank, but for the HSA industry as a whole," said Kirk Hoewisch, president of HSA Bank. "This milestone confirms the viability and acceptance of the consumer-directed health care model as part of the solution to the country's health care crisis."
Continue reading "HSA Bank Reaches Health Savings Account Milestone"
Posted by Wiley Long at 10:02 AM | Comments (0)
February 04, 2008
Health Savings Accounts Can Be A Healthy Aid To Retirement
The Wall Street Journal has finally reported something we have been saying for years. Tax-advantaged Health Savings Accounts (HSAs) can be used to supplement traditional retirement accounts.
An HSA can provide a valuable source of retirement income alongside your 401(k) and individual retirement account if you let your funds grow, says the Journal:
Continue reading "Health Savings Accounts Can Be A Healthy Aid To Retirement"
Posted by Wiley Long at 10:40 AM | Comments (1)
February 01, 2008
Georgia to Make Health Savings Accounts More Attractive
Georgia lawmakers have unveiled proposed legislation that would make health insurance more affordable in the state of Georgia
The legislation would encourage small businesses to provide their employees with high-deductible health plans, coupled with Health Savings Accounts. It will also allow Georgians to deduct health insurance premiums from their state taxes if they have a high-deductible health insurance plans, said State Sen. Judson Hill (R-Marietta).
Continue reading "Georgia to Make Health Savings Accounts More Attractive"
Posted by Wiley Long at 01:39 PM | Comments (0)
January 29, 2008
Health Savings Accounts Are Becoming Infectious
In most American homes, the rising cost of good health care - like the rising costs of gasoline and home heating - remains a perpetual kitchen-table discussion. There are trends that are catching the attention of consumers and industry alike, and it appears they will continue to shape the health-coverage market.
As more Americans search for alternative, affordable ways to find coverage for health care, they are increasingly being drawn to Health Savings Accounts. The Treasury Department forecasts that, by 2010, 25 million to 30 million Americans will be covered by Health Savings Accounts.
Continue reading "Health Savings Accounts Are Becoming Infectious"
Posted by Wiley Long at 07:41 AM | Comments (0)
January 26, 2008
Huntington to Offer Health Savings Accounts
Huntington Bancshares Inc. is working to make healthcare more affordable for businesses with their Health Savings Account (HSA), while also helping consumers reduce individual taxes and boost retirement savings.
"Huntington is excited about Health Savings Accounts because they are something better," said Guy Molde, senior vice president of deposit products for Huntington. "There is no other financial product that provides so many benefits to companies that offer them to their employees and individual consumers."
According to Molde, businesses benefit in three ways:
Continue reading "Huntington to Offer Health Savings Accounts"
Posted by Wiley Long at 10:43 AM | Comments (0)
January 23, 2008
AHIP Survey Shows Health Savings Accounts Making Health Care Coverage Accessible and Affordable
A comprehensive survey of the individual health insurance market recently released by America's Health Insurance Plans (AHIP) found that health care coverage is more accessible and affordable than is widely known. The survey found that premiums are affordable, most who applied were offered coverage, and that consumers have access to a wide variety of benefit options to meet their individual needs. In addition, Health Savings Accounts (HSAs) continue to be a popular coverage option among consumers.
Posted by Wiley Long at 11:37 AM | Comments (0)
January 21, 2008
Study Shows Health Savings Account Plans Yield Savvy Health Care Consumers
Participants enrolled in Health Savings Accounts (HSAs) are more likely to plan and save for health care coverage, according to a survey by Blue Cross and Blue Shield Association (BCBSA).
The survey was conducted by Jennifer Vachon, BCBSA's executive director of marketing and consulting services, and its findings were presented at the National Consumer-Driven Healthcare Summit in Washington, DC.
The survey brought good news, said Devon Herrick, a senior fellow at the National Center for Policy Analysis in Dallas.
Continue reading "Study Shows Health Savings Account Plans Yield Savvy Health Care Consumers"
Posted by Wiley Long at 10:37 AM | Comments (1)
January 17, 2008
Health Savings Account Money Year to Year
A Health Savings Account (HSA) is an amazing tool to reduce your healthcare expenses and insurance costs. But do you lose your money at the end of each year, like with a Flexible Savings Account (FSA)?
Thank goodness, no! You do not lose your HSA money at the end of each year.
Health Savings Accounts were created specifically to be BETTER than their predecessors, Flexible Savings Accounts (FSA) and Medical Savings Accounts (MSA).
Continue reading "Health Savings Account Money Year to Year"
Posted by Wiley Long at 10:10 AM | Comments (0)
January 13, 2008
Champlain to Manage First Horizon Msaver Health Savings Accounts
Greg Champlain has been named regional sales manager for Ohio for First Horizon Msaver, a leading administrator of Health Savings Accounts. Champlain will support insurance agents and brokers in opening Health Savings Accounts for their group and individual clients who have consumer-driven health plans. Champlain, a licensed health agent, has been a member of the Msaver internal broker support team. He will be based in Columbus, Ohio, starting Jan 7th.
Continue reading "Champlain to Manage First Horizon Msaver Health Savings Accounts"
Posted by Wiley Long at 12:01 PM | Comments (2)
January 09, 2008
Getting Health Savings Accounts for Poor Individuals is Being Tested
The popularity of Health Savings Accounts for the poor individuals will be put to the test in Indiana under a program recently approved by the Bush administration. Under the plan, anyone making $20,000 or less a year could get health coverage for about $19 a week.
President Bush has long pushed Health Savings Accounts as a way to slow the rising cost of medical care and extend basic coverage to the uninsured.
Here are the details of the Health Savings Account program:
Continue reading "Getting Health Savings Accounts for Poor Individuals is Being Tested"
Posted by Wiley Long at 07:22 AM | Comments (0)
January 05, 2008
Health Savings Accounts Make Insurance Portable
One of the great things about Health Savings Accounts is that they are portable -- if you switch jobs, you don't have to switch your Health Savings Account.
However, the same can't be said for health insurance -- traditional or HSA-eligible insurance. About 65 percent of Americans have employer-provided coverage, and when they switch jobs (almost every five years, on average) they have to leave one health plan and switch to another.
Continue reading "Health Savings Accounts Make Insurance Portable"
Posted by Wiley Long at 10:54 AM | Comments (0)
January 01, 2008
Submitting Your Medical Bills with Your Health Savings Account
Health Savings Accounts are becoming a well-known alternative to reduce health insurance premuims and still provide good security for healthcare emergencies.
Today we'll talk about submitting your medical bills while you are still under your insurance deductible, and what to consider before doing so.
Submitting your medical bill documentation to your insurance company while you are paying with your HSA money is the best way to go.
We say this for two reasons:
Continue reading "Submitting Your Medical Bills with Your Health Savings Account"
Posted by Wiley Long at 12:30 PM | Comments (0)
December 26, 2007
Health Savings Accounts Helping Employer Sponsored Health Care
The primary reason for the decline in the number of small businesses providing health insurance appears to be that owners of new firms are reluctant to introduce health benefits, according to a National Federation of Independent Business Small-Business Poll.
The poll on purchasing health insurance found that 52 percent of small-business owners do not offer either employee health insurance or an insurance purchase subsidy. However, Health Savings Accounts are helping to reverse this trend.
Continue reading "Health Savings Accounts Helping Employer Sponsored Health Care"
Posted by Wiley Long at 11:02 AM | Comments (1)
December 23, 2007
Consult A Doctor Service to Help Health Savings Account Owners
Healthcare Access Solutions, LLC announced the launch of Consult A Doctor (www.consultadr.com), a complementary healthcare membership service guaranteed to reduce healthcare costs by providing greater access to licensed physicians by telephone or secure email.
Consult A Doctor is focused on becoming the leading provider of consumer-driven telemedicine services that improve health and reduce health care costs 10-25% or more for employer-sponsored plans, individuals, and families. This service is also ideal for Health Savings Account owners.
Continue reading "Consult A Doctor Service to Help Health Savings Account Owners"
Posted by Wiley Long at 11:29 AM | Comments (1)
December 20, 2007
HSA Bank Announces New Investment Options
HSA Bank has announced the introduction of its new Mutual Fund Selection investment account option. Through a strategic partnership with Devenir Corporate Services, the national leader in investment options for health benefit plans, HSA Bank accountholders have the option of investing in up to twelve load-waived mutual funds.
"HSA Bank offers investment options to provide accountholders with the opportunity to build Health Savings Account funds at a potentially greater rate of return," said Kirk Hoewisch, president of HSA Bank.
Continue reading "HSA Bank Announces New Investment Options"
Posted by Wiley Long at 12:56 PM | Comments (0)
December 17, 2007
2007 Year-End Health Savings Account Strategies
A Health Savings Account (HSA) can be an important part of your tax and money-management strategy. Not only can you reduce your health insurance premiums, but when you fund your account you get a nice tax break. If you stay healthy, that money grows tax-deferred like an IRA, and can amount to a lot of money in retirement.
Every year around this time you should assess your finances and see what you need to do to optimize your situation. Making the most of your HSA is one area that can really make a difference. Here are the key things you need to know to get the greatest tax reduction and the most growth out of your HSA:
Continue reading "2007 Year-End Health Savings Account Strategies"
Posted by Wiley Long at 03:17 PM | Comments (0)
December 12, 2007
With a Health Savings Account, It Could Pay To Be Fit
Some people need a little extra motivation to go to the gym or to buy a treadmill. Federal lawmakers are considering that motivation in the form of a tax break on fitness club memberships, personal trainers and exercise equipment.
The bill, now in the Ways and Means Committee, would allow people to set aside money in their Health Savings Accounts or Flexible Savings Accounts to use toward fitness programs and fitness equipment.
The bill would allow up to $1,000 tax-free per year to be used for preventative health care.
Continue reading "With a Health Savings Account, It Could Pay To Be Fit"
Posted by Wiley Long at 07:23 AM | Comments (2)
December 09, 2007
Utah to Get New HSA Administrator Option
Utah soon may get a new industrial loan corporation - its first since the industry was thrown into turmoil after Wal-Mart's bid to open its own industrial bank.
Indianapolis-based WellPoint Inc., which operates Blue Cross Blue Shield health insurance plans in 14 states and serves more than 34 million members, has been granted deposit insurance from the Federal Deposit Insurance Corp. for its industrial bank. The company will go by the name of ARCUS Financial and accept Health Savings Account deposits.
Continue reading "Utah to Get New HSA Administrator Option"
Posted by Wiley Long at 11:03 AM | Comments (0)
December 06, 2007
Small Businesses and Financial Advisers are Embrace Health Savings Accounts
Small business owners and their financial advisers are finding ways to deal with the rising cost of health insurance, making Health Savings Accounts all the more appealing.
"More clients are becoming warm to that concept," said James J. Holtzman, a certified financial planner and adviser with Legend Financial Advisors Inc. of Pittsburgh. "It just has to be the right kind of situation."
As small-business owners themselves, financial advisers are following their own advice and seeking alternatives to trim health costs.
Continue reading "Small Businesses and Financial Advisers are Embrace Health Savings Accounts"
Posted by Wiley Long at 01:47 PM | Comments (0)
December 03, 2007
Health Savings Accounts and the Risk Pool Myth
A favorite talking point of the anti-market crowd holds that Health Savings Accounts won't work because they will undermine the beneficial effects of large all-inclusive "risk pools." In other words, the argument is that HSA plans would attract healthy people away from other coverage, leaving the "sick and poor" in expensive pools with other high-risk insureds.
The problem with this meme is summarized by David Gratzer in his book The Cure:
Continue reading "Health Savings Accounts and the Risk Pool Myth"
Posted by Wiley Long at 11:05 AM | Comments (0)
November 29, 2007
The Differences Between Health Savings Accounts and Health Reimbursement Accounts
Employees may not know their health insurance terms as well as they think they do. Even though 61 percent of workers polled in a recent Fidelity Investments survey said they have a good working knowledge of their health care benefits, more than half did not know about a Health Savings Account or Health Reimbursement Account.
Health Savings Accounts (HSAs) and Health Reimbursement Accounts (HRAs) may not be big conversation items, but chances are you or somebody you know will have one soon.
Continue reading "The Differences Between Health Savings Accounts and Health Reimbursement Accounts"
Posted by Wiley Long at 11:20 AM | Comments (0)
November 27, 2007
Survey of Preventive Benefits in Health Savings Account Plans
According to a new survey released by America's Health Insurance Plans (AHIP), most Health Savings Account plans cover recommended preventive benefits on a first-dollar basis.
"Health Savings Account plans have been a valuable new coverage option - especially for those who had been uninsured previously - and are providing consumers with access to important preventive health care services," said Karen Ignagni, President and CEO of AHIP.
Continue reading "Survey of Preventive Benefits in Health Savings Account Plans "
Posted by Wiley Long at 07:27 AM | Comments (0)
November 25, 2007
Interest in Health Savings Accounts Will Surge in 2008
In late September the Washington, DC-based global consulting firm Watson Wyatt Worldwide identified "more Health Savings Accounts" as a major benefit trend during the open enrollment season, the annual period when employees can adjust the benefits their employers provide.
Employer interest in consumer-directed health plans with Health Savings Accounts (HSAs) continues to grow, according to Watson Wyatt, which predicted 40 percent of U.S. companies will offer workers an HSA in 2008.
Continue reading "Interest in Health Savings Accounts Will Surge in 2008"
Posted by Wiley Long at 10:39 AM | Comments (0)
November 23, 2007
UnitedHealthcare's Golden Rule Introduces New HSA Plans in Wyoming
UnitedHealthcare's Golden Rule Insurance Company, a leader in the individual health insurance market for nearly 60 years, began offering new choices in coverage for individuals and families in Wyoming who buy their own health insurance.
Golden Rule's product portfolio in Wyoming includes Health Savings Account (HSA) plans, other lower-cost high deductible plans and traditional copay plans as well as short term health insurance. Special "Saver" options within each type of Golden Rule plan feature the lowest premiums.
Continue reading "UnitedHealthcare's Golden Rule Introduces New HSA Plans in Wyoming"
Posted by Wiley Long at 10:55 AM | Comments (0)
November 21, 2007
Health Savings Account Growth Continues
Growth in Health Savings Accounts (HSAs) continues unabated according to third-quarter figures gathered from account custodians. Initial returns from Information Strategies, Inc.'s quarterly survey of financial institutions indicate that the country is on track toward almost 8 million custodial accounts by the beginning of 2008.
Continue reading "Health Savings Account Growth Continues"
Posted by Wiley Long at 08:03 AM | Comments (0)
November 19, 2007
Grading the Candidates on Health Savings Accounts
John Goodman, the President of the National Center for Policy Analysis, who is also known as the father of Health Savings Accounts, recently released a Health Alert grading the current candidates for president on their possible health care policies.
He discusses where the current candidates stand on Health Savings Accounts, socialized medicine, universal health insurance, and the status quo. The follow is what he sees as each candidate's strengths and weaknesses:
Continue reading "Grading the Candidates on Health Savings Accounts"
Posted by Wiley Long at 12:10 PM | Comments (0)
November 15, 2007
Health Savings Accounts Making Quiet Progress
As presidential candidates unveil their health reform proposals and as Congress debates expansion of government programs, companies around the country are quietly finding their own ways to manage health costs.
The latest evidence comes from a new study by CIGNA which shows that first year medical costs trended 12% lower for its consumer-directed health plans (CDHPs), such as Health Savings Accounts (HSAs) and Health Reimbursement Arrangements (HRAs), compared to its HMOs and PPOs.
Continue reading "Health Savings Accounts Making Quiet Progress"
Posted by Wiley Long at 01:58 PM | Comments (1)
November 12, 2007
Health Savings Accounts Can Save Our Health Care System
Health care costs have skyrocketed in the last 20 years. Over the last 30 years the percentage of Americans covered by insurance has also skyrocketed. What has been lost is any kind of check on the health care system. If insurance covered the test or treatment you probably got the service. If it was not covered then you probably didn't.
With a Health Savings Account, you would be responsible for deciding what services you would be given...
Continue reading "Health Savings Accounts Can Save Our Health Care System"
Posted by Wiley Long at 09:41 AM | Comments (1)
November 08, 2007
Sovereign Bank Introduces Next-Generation Health Savings Accounts
Sovereign Bank has announced a new Health Savings Account (HSA) program featuring multiple customer enhancements. The new program is based on Canopy Financial's Web-based HealthDirect operating platform.
"Having been one of the first major banks to develop an HSA custodial program more than two years ago, we have had time to study what works and what doesn't for the account holders, employers, brokers and insurers who choose Sovereign's program," said Eduardo Tobon, Senior Vice President, Director of Corporate Alliances and Health Savings Accounts at Sovereign.
Continue reading "Sovereign Bank Introduces Next-Generation Health Savings Accounts"
Posted by Wiley Long at 09:39 AM | Comments (0)
November 06, 2007
Easy Steps to get you Started on Health Savings Accounts at HSA for America
Thanks to legislation that became effective this year, it is not too late to make a full tax-deductible contribution to a Health Savings Account (HSA).
Health Savings Accounts are tax-advantaged accounts that help you save for medical expenses. Funds roll over from year to year and investment earnings are tax-free, so an HSA is also a great savings vehicle for you, your family and your practice.
Learn the four easy steps to get you started with an HSA:
Continue reading "Easy Steps to get you Started on Health Savings Accounts at HSA for America"
Posted by Wiley Long at 09:29 AM | Comments (2)
November 02, 2007
Socialized Medicine vs. Health Savings Accounts
Despite the growing evidence that socialist medicine is a disaster, its supporters blindly continue to push for a government system in the U.S. They need some down time in a hospital bed in England.
The British system, which, along with Canada's, supposedly is the model we should follow, is no panacea. In fact, it is a mess.
A Los Angeles Times story describes a system so rotten that in some hospitals "patients allegedly were forced to defecate in their beds and wait for hours for clean sheets."
Continue reading "Socialized Medicine vs. Health Savings Accounts"
Posted by Wiley Long at 07:21 AM | Comments (4)
October 29, 2007
Health Savings Account Consumers Could Be Saving on Health Costs
Results from a study released by HealthPartners shows that people using Health Savings Accounts and Health Reimbursement Accounts could be saving significant money on medical costs.
The company's findings indicate health care costs were 4.4 percent lower for members who used consumer directed health plans (CDHP), even after adjusting for differences in members' health status.
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Posted by Wiley Long at 07:34 AM | Comments (0)
October 24, 2007
The Health Savings Account Effect on Doctors
Overall, healthcare costs have been rising faster than inflation, but not all medical costs are skyrocketing. In a few pockets of medicine, costs are down while quality is up. The continued use of Health Savings Accounts will help sustain this new trend.
Dr. Brian Bonanni has an unusual medical practice. His office is open Saturdays. He e-mails his patients and gives them his cell-phone number. "I need to be available 24 hours a day," he says. "I want to be there when a patient has questions, and I want to be reachable."
I'll bet your doctor doesn't say that.
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Posted by Wiley Long at 10:06 AM | Comments (2)
October 21, 2007
Bank of America and Health Net Partner on HSA Program
Health Net and Bank of America Partner to Offer a Consumer Friendly Health Savings Account Program:
Health Net and Bank of America have partnered to help employers and employees better manage the rising cost of health care. This collaboration will provide members greater control over their health care spending by pairing affordable health insurance coverage provided by Health Net with a tax-advantaged Health Savings Account (HSA) from Bank of America.
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Posted by Wiley Long at 11:28 AM | Comments (1)
October 18, 2007
Health Savings Accounts Create More Choice
According to John Goodman, president of the National Center for Policy Analysis, health insurance is an institutionalized, bureaucratized market that is heavily influenced by tradition and the fact that normal market forces have been suppressed, and we agree.
One thing that would help loosen things up is to liberalize the laws for Health Savings Accounts (HSAs):
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Posted by Wiley Long at 10:35 AM | Comments (0)
October 15, 2007
Blue Cross Blue Shield Health Savings Account Information
According to research published by Atlantic Information Services, Blue Cross and Blue Shield companies have at least 3.1 million Consumer Driven Health Plan (CDHP) enrollees and at least 1.7 million members with Health Savings Account (HSA) eligible products.
The BCBSA survey found that HSA-eligible enrollees represent all age segments, with demand also coming from broad income and education levels of the population.
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Posted by Wiley Long at 07:30 AM | Comments (0)
October 10, 2007
As Premium Costs Rise Health Savings Account Plans Gain Popularity
About half of all employers are expected to soon offer Health Savings Account (HSA) plans to their employees. This projection offers the best hope for restraining runaway health care costs, according to John Goodman, president of the National Center for Policy Analysis (NCPA).
"The best way to control health care costs is to put patients in control of more of their health care dollars," said Goodman. "The increasing popularity of Health Savings Accounts is a result of managed care's failure."
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Posted by Wiley Long at 07:21 AM | Comments (0)
October 05, 2007
Can Health Savings Account Money Encourage Weight Loss?
According to a study published in the Journal of Occupational and Environmental Medicine, people will lose weight for money, even a little money. This is a welcome sign for employers looking for ways to cut health care costs.
By getting employees to sign up for a Health Savings Account (HSA) then offering monetary HSA incentives to lose weight, employers can cut their cost on health insurance at the same time they are encouraging their employees to live a healthier lifestyle. In the end, this is a win win situation for both employer and employee.
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Posted by Wiley Long at 10:55 AM | Comments (0)
October 01, 2007
Disputing Hospital Bills Paid with Your Health Savings Account
If you run into a billing problem or misunderstanding with a hospital or doctors office for which you're planning to use money from your Health Savings Account, you could have some extra work to do.
If you have a Health Savings Account, you must have a high deductible health insurance plan. If you are using money from your Health Savings Account to pay a medical bill, it means that you have not hit the deductible of your policy yet.
What does this mean to you when you run into a billing dispute?
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Posted by Wiley Long at 07:43 AM | Comments (0)
September 27, 2007
The Difference Between a Health Savings Account and Traditional Health Insurance
Consumers frequently inquire about the difference between these plans. Most understand the basics of traditional health insurance, but many do not understand the nuances of a Health Savings Account (HSA).
So exactly what is a Health Savings Account?
The easiest way to explain the difference may be to clarify what Health Savings Accounts are not. They are not health insurance plans. Rather, they operate much like savings accounts setup at a bank. And they are always coupled with a High Deductible Health Insurance Plan.
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Posted by Wiley Long at 09:14 AM | Comments (0)
September 23, 2007
High-Deductible Health Insurance can Benefit Those with a Health Savings Account
Nearly everyone can benefit from a high-deductible health plan coupled with a Health Savings Account (HSA). A common misconception is these health insurance plans are only for certain types of people. However, that is just not true.
Health Savings Accounts help consumers pay for current health care expenses with tax-free dollars and provide a way to save for future health care expenses because unused HSA contributions roll over each year and earn interest tax-free.
So how can these HSA plans benefit just about everyone:
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Posted by Wiley Long at 11:22 AM | Comments (0)
September 18, 2007
WellPoint Getting Close to Opening Their Health Savings Account Bank
WellPoint, the nation's largest health-benefits provider in terms of membership numbers, has received the Federal Reserve's approval to proceed with its application to open a bank for managing Health Savings Accounts.
The Federal Reserve Bank of New York said in a statement that the Indianapolis-based company's disease management and mail-order pharmacy services are "complementary to a financial activity," moving WellPoint one step closer to circumventing a federal moratorium that bars companies whose primary business is commercial in nature from operating HSA banks.
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Posted by Wiley Long at 03:18 PM | Comments (0)
September 15, 2007
Without Health Savings Accounts, Who Pays for Health Insurance
Even with the continued growth of Health Savings Accounts, the number of Americans without any health insurance deserves attention. However, according to Clark Havighurst and Barak Richman, professors at Duke Law School, the greater problem may be the plight of middle- and lower-income workers who have health coverage but pay dearly for it every year.
In fact, many Americans would probably drop their health coverage if they knew how much it really costs them. But they don't know, because of the way the tax system treats health benefits:
Continue reading "Without Health Savings Accounts, Who Pays for Health Insurance"
Posted by Wiley Long at 11:37 AM | Comments (0)
September 12, 2007
Doctors Helping Health Savings Account Owners with No-Interest Loans
With Health Savings Accounts continuing to grow, doctors are starting to realize the opportunities available to them when it comes to Health Savings Account owners.
Zero-interest financing, a familiar sales incentive at car dealerships and furniture stores, has found its way to another big-ticket consumer market: doctors' and dentists' offices.
This is another step in the right direction for individuals and families who own a Health Savings Account.
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Posted by Wiley Long at 07:19 AM | Comments (0)
September 07, 2007
Pairing Health Savings Accounts with Wellness Programs
A wellness program paired with a Health Savings Account can help your company save money on health-care costs. Many companies are now doing just that:
Skyrocketing health insurance premiums were ruining the bottom line of Coral Chemical, a $20 million, 90-employee company in Zion, IL. "The only way to control costs was cut benefits or make the employees pay more," says CEO John Schueneman, who couldn't bring himself to do either. "I was in a horrible losing situation for years."
Schueneman eventually found a different fix. First he switched to a Health Savings Account plan. Then he adopted his insurer's wellness program.
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Posted by Wiley Long at 08:01 AM | Comments (0)
September 04, 2007
Humana CEO Offers Vision on Health Savings Accounts
Mike McCallister, CEO of health insurer Humana Inc., has simple advice for small-business owners seeking to control health-care costs:
Institute higher deductibles but lower premiums. Encourage employees to budget health-care costs and invest into a tax-advantaged Health Savings Account. Lend employees money for emergencies. Use the Internet to enroll employees and give information.
"Cost-shifting to employees is not a long-term strategy," says McCallister. "Insurance will not work when it reaches beyond a point where people feel like they have protection."
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Posted by Wiley Long at 07:24 AM | Comments (0)
August 30, 2007
2008 Health Savings Account Predictions
Enrollment in Health Savings Accounts has increased steadily since they became available in 2004, but according to some health care consultants, 2008 could be their breakout year.
August is the month when employers buy health insurance for their employees or switch plans. Health care consultants from Towers Perrin, Mercer and BearingPoint, three of the biggest health care benefits consulting firms in the country, said the current enrollment season indicates that in 2008, Health Savings Accounts will increase dramatically.
Continue reading "2008 Health Savings Account Predictions"
Posted by Wiley Long at 11:55 AM | Comments (1)
