July 01, 2009
Health Savings Accounts are a Better Reform Option
If we are to review of the history of health care in this country since the U.S. government's entry when Lydon Johnson signed into law Medicare and Medicaid, we find disturbing trends. The unconstrained, growth in size and shameful increases in cost and liability have crippled the system putting both in danger of collapse. And yet, we the people have allowed our improvident government to further politicize private health care, further exacerbating cost to every component within the system.
Many questions remain about how to solve our health insurance crisis in this country, but Health Savings Accounts have already proved to have a positive effect on health care.
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Posted by Wiley Long at 11:24 AM | Comments (0)
June 28, 2009
Attack on Health Savings Accounts
Some lawmakers want national health-care reform to include new constraints on health savings accounts, a move that banks and insurance companies warn could discourage saving at a time when it is needed more than ever.
Proposals in the Senate would set tighter limits on contributions to Health Savings Accounts, and would require more oversight of how money in them is spent. Annual contribution limits for 2009 are $3,000 for individuals and $5,950 for families. One proposal would reduce these limits to the deductible amount of the Health Savings Account owner's health insurance plan, if that deductible is less than the set limits.
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Posted by Wiley Long at 10:43 PM | Comments (0)
June 25, 2009
Health Savings Accounts a Viable Option
House Democrats finally unveiled their long-awaited 852-page health care "reform" legislation that engineers a government takeover of medicine. The bill is a staggeringly expensive bureaucratic nightmare that Democrats will try to defend in a series of hearings that have already begun.
As details of this leviathan bill begin to emerge, what is becoming increasingly clear is this plan, if passed, will cost American jobs.
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Posted by Wiley Long at 10:00 AM | Comments (0)
June 22, 2009
Health Savings Accounts Help Prepare for Retirement Costs
As the cost of health care rises across the country, many individuals are wondering just how their anticipated health care expenses will impact their ability to retire. According to a recent study, individuals retiring at the age of 65 will need to have at least $240,000 saved in order to pay for their health care expenses during retirement alone, leaving many individuals to wonder whether or not retirement is truly an option. Health Savings Accounts are become a necessity for retirement in order to pay health care expenses during retirement years. The tax benefits of Health Savings Accounts really help make saving for retirement easier.
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Posted by Wiley Long at 10:34 AM | Comments (0)
June 19, 2009
Over 8 Million Now Enrolled In Health Savings Accounts
A new census release by America's Health Insurance Plans (AHIP) has found that over 8 million Americans are covered by Health Savings Account eligible insurance plans which is 31 percent increase since last year. Since 2004, when Health Savings Accounts were created, AHIP has conducted a periodic census of its members participating in the Health Savings Account market.
Another report by AHIP found HSA account holders have a broad range of incomes across the country. The report, Estimated Income Characteristics of HSA Account holders in 2008, used a geo-coding technique to estimate the income characteristics of HSA account holders.
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Posted by Wiley Long at 01:43 PM | Comments (0)
June 16, 2009
Americans Want to Keep Health Savings Accounts as a Savings Option
OptumHealth Inc. has release a survey that shows Health Savings Account owners are extremely satisfied with their Health Savings Accounts and they believe their Health Savings Accounts should remain a savings option for Americans. More than 80 percent of respondents cite their ability to save for future health care expenses as the primary reason for opening and depositing money into their Health Savings Accounts. The survey also found that 70 percent of Health Savings Account participants make $75,000 a year or less in income.
"Health Savings Accounts have very strong support across a broad range of income levels and are helping people be better health care consumers," cited Chad Wilkins, CEO of OptumHealth.
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Posted by Wiley Long at 11:01 AM | Comments (0)
June 13, 2009
Health Savings Accounts at SunTrust
SunTrust Banks recently introduced a turn-key Consumer-Directed Healthcare solution for employers seeking to take control of their healthcare costs. The SunTrust Health Savings Account combines administrative and financial components, including integrated account management, a healthcare payment card, HSA investment options, and integrated account management, all offered through a single trusted custodial partner.
"SunTrust is committed to providing solutions that assist our clients in establishing a sound financial foundation," said Gary Plourde, Senior Vice President, SunTrust Institutional Investments Director of Sales.
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Posted by Wiley Long at 12:26 PM | Comments (0)
June 10, 2009
New Health Savings Account Partnership
Maryland-based Hunt Vally, a provider of Health Savings Account management solutions, has partnered with SunTrust to deploy a turn-key solution for the administration of Health Savings Accounts.
The partnership will give SunTrust access to ConnectYourCare's suite of online administrative tools and services including Consumer-Driven Healthcare Express, real-time employer transparency and control tools, participant health education and empowerment tools, healthcare payment card and a banking and investment platform.
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Posted by Wiley Long at 11:58 AM | Comments (0)
June 07, 2009
Health Savings Accounts Are The Wave Of The Future
The need for reduced health care cost brought about the formation of Health Saving Accounts in 2004. Since then, their use has grown exponentially by American consumers. Most people will agree that health insurance is too expensive especially if you have a family to cover. Deciding which policy makes the most sense can be confusing with all the co-pays, premiums, deductibles, and features. This is where Health Saving Accounts can make it possible to get great coverage with a reduced premium and have a reserve expense account for when a major medical expense does occur.
Why Use A Health Savings Account?
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Posted by Wiley Long at 10:36 AM | Comments (0)
June 04, 2009
What Health Savings Accounts Can Do For You
Health Savings Accounts were introduced in 2004 and allow individuals to pay for medical services upfront through funds they deposit tax-free into their personal Health Savings Account. A required insurance policy then kicks in for catastrophic expenses. Any unused funds build up from year-to-year and collect interest in the process.
Put simply, no other investment account has the tax advantages that Health Savings Accounts do. Throughout the life of a Health Savings Account its owners can withdraw funds for qualified medical expenses tax-free. Because of this, taxpayers should consider fully funding their Health Savings Accounts first, before any other type of retirement accounts.
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Posted by Wiley Long at 11:42 AM | Comments (0)
June 01, 2009
Health Savings Accounts Spell Health Insurance Relief
Your employer may have switched to a high-deductible plan in an attempt to keep soaring health insurance costs in check. The cost of care is pass to you until you reach your deductible, but the premiums are much lower. Along with the high-deductible plan, you can open a Health Savings Account that allows you to contribute pre-tax dollars to the Health Savings account where it can be invested and grow until needed to pay for medical care.
Unlike a Flexible Savings Account offered by many employers, the money in an Health Savings Account can be rolled over from year to year and even remain under your control if you lose or switch your job.
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Posted by Wiley Long at 12:53 PM | Comments (0)
May 29, 2009
Environmentally Friendly Health Savings Accounts
Canopy Financial has a Web-based Health Savings Account processing platform that has been adopted at almost half of the top 25 banks. They are now targeting another paperless evolution for health plans, third-party administrators, and institutions. Canopy has introduced a new Green Health Savings Account that now provides 100-percent paperless account handling, including account management, e-statements, enrollment, mobile alerts and online bill-pay.
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Posted by Wiley Long at 03:01 PM | Comments (0)
May 26, 2009
Health Savings Accounts Come to Puerto Rico
Health Savings Accounts have now been established in Puerto Rico. Puerto Rico will now allow contributions to the accounts to be exempt from personal income tax, and will apply to the taxable years that commence on and after January 1, 2009. Under Health Savings Accounts, the insured will choose the provider and/or health service that they want to receive payment and will pay for those services with the funds that had accumulated in their Health Savings Account, covering up to the total annual deductible.
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Posted by Wiley Long at 09:50 AM | Comments (0)
May 23, 2009
Banks Are Creating More Health Savings Accounts As Industry Grows
With the money coming from the Health Savings Account market expected to increase in the coming years, experts are predicting the Health Savings Account market could reach $40 billion in the next five years. That's not surprising, as it appears consumers are getting used to transferring money into Health Savings Accounts on a regular basis. In fact, as of the first quarter of 2008, consumers transferred an average $2,674 into their Health Savings Accounts, but spent only $1,216 on average, according to Canopy Financial. That certainly leaves plenty of money for banks to invest for their purposes.
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Posted by Wiley Long at 11:39 AM | Comments (0)
May 21, 2009
Study Shows Health Savings Account Contributions Increasing and More Employers Offering HSA Plans
In their annual survey of employer health benefits, the Kaiser Family Foundation and the Health Research & Educational Trust found that more employers are offering Health Savings Account plans and that employer contributions to Health Savings Accounts doubled since 2007.
The study showed that 13% of firms offering health benefits now offer a Health Savings Account Plan with an Health Reimbursement Arrangement in 2008. While the report notes that the increase does not represent a significant difference from the 10% reported in 2007, they do point out that there has been a statistically significant increase in the offer rate since the 7% reported in 2006.
Posted by Wiley Long at 11:10 AM | Comments (0)
May 18, 2009
More Than Eight Million Now Enrolled in Health Savings Accounts
A new census released by America's Health Insurance Plans (AHIP) finds that Eight million Americans are now covered by Health Savings Accounts, an increase of more than 31 percent since last year. Health Savings Accounts were authorized starting in January 2004. Since then, AHIP has conducted a periodic census of its members participating in Health Savings Accounts.
Another report released found Health Savings Account (HSA) account holders have a broad range of incomes levels across the country. The report, "Estimated Income Characteristics of HSA Account holders in 2008", used a geo-coding technique to estimate the income characteristics of HSA account holders.
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Posted by Wiley Long at 11:04 AM | Comments (0)
May 13, 2009
Health Savings Accounts Are a Great Way to Save Money on Health Care and Health Insurance
You need to look at your health insurance coverage the same way cost-cutting entrepreneurs do, whether you buy your health care coverage independently or through your employer. Buying coverage in the future won't stop at finding the best price. What you pay for your health insurance coverage will increasingly involve how well you personally manage your health.
According to a report last year by benefits consultant Watson Wyatt, nearly half of the 453 largest U.S. employers currently offer a Health Savings Account that can be used to pay a portion of medical expenses not covered under the companies health insurance plan.
Posted by Wiley Long at 10:53 AM | Comments (0)
May 08, 2009
Health Savings Accounts Frequently Asked Questions
One of the best way to save money on your healthcare costs is to use a Health Savings Account to supplement your current health insurance plan. Your Health Savings Account can also have your money working for you by earning interest, along with saving money on your health care costs. And, you can save your Health Savings Account money tax-free.
If you have a high-deductible health insurance plan and have not yet open a Health Savings Account, you need to learn more about the advantages of Health Savings Accounts. Check out these Top 10 Health Savings Account Frequently Asked Questions to get a jump-start on understanding Health Savings Accounts:
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Posted by Wiley Long at 10:36 AM | Comments (0)
May 05, 2009
What Becomes of Your Health Savings Account if You Get Laid Off
The good news for people with Health Savings Accounts is they don't need to panic about their healthcare if they get laid off. The money in your Health Savings Account remains yours even after you lose or leave your job, unlike funds in a flexible spending account. So you don't need to rush to the dentist or eye doctor to drain your Health Savings Account before your job is terminated.
You can keep the money in your current Health Savings Account, or you can roll it over to another HSA administrator without having to pay taxes on the move -- a lot like an IRA rollover. The money can then continue to grow in the Health Savings Account and can be used tax-free for future medical expenses in any year... even if you no longer have a high deductible health insurance policy.
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Posted by Wiley Long at 08:58 AM | Comments (0)
May 01, 2009
Are Health Savings Accounts the Right Tool for You?
Health Savings Accounts might not be for everyone, but for the right individuals and businesses, they are a way to control health insurance costs.
The use of Health Savings Accounts and high-deductible health insurance policies can reduce costs by 20 to 30 percent, Cris Ruiz told about 50 human resource managers and others at a meeting sponsored by UMB Bank.
Ruiz is vice president of UMB Healthcare Services in Kansas City. The UMB division acts as an administrator for Health Savings Accounts.
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Posted by Wiley Long at 11:19 AM | Comments (0)
April 23, 2009
Don't Look Now, Health Savings Accounts Are Gaining Momentum
Many employers are using cash incentives to entice employees toward consumer-driven health plans, such as Health Savings Accounts and Health Reimbursement Arrangements. Employees may pay as much as 50 percent less for premiums than those enrolled in more traditional point-of-service or preferred provider plans.
Health Savings Account plans typically entail a tax-exempt account for paying qualified health expenses, with a high deductible component for coverage in case of a major medical problem. In most cases, both the employer and the employee may contribute to the account, and unused money can be carried over to the next year.
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Posted by Wiley Long at 10:49 AM | Comments (0)
April 21, 2009
Satisfying Your Family's Health Needs With A Health Savings Account
In today's health insurance market, making sure that your family is able to stay healthy partly depends on having a good health insurance program. A Health Savings Account can do just that. With a Health Savings Account, you will have reduced insurance rates because of a higher deductible, a tax deferred savings program, broader coverage, and you stay in control of your Health Savings Account dollars. Here are some of the details of the benefits you will find with Health Savings Accounts:
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Posted by Wiley Long at 10:05 AM | Comments (0)
April 17, 2009
Health Savings Accounts Are Thriving During Economic Downturn
According to data from San Francisco-based Canopy Financial Inc. individual Health Savings Account balances have increased 33%, and family Health Savings Account balances have increased about 12% between the first quarter and fourth quarters of 2008.
The study also found that employees contributed more money to their Health Savings Accounts more than their employers did. In the fourth quarter, employees contributed an average monthly payment of $206 to their family Health Savings Account, while employers contributed $133. Individual Health Savings Accounts fared similarly; Employees contributed $111 on average, while employers contributed $69.
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Posted by Wiley Long at 10:03 AM | Comments (0)
April 13, 2009
Laid-Off Workers Turning to Health Savings Accounts
Affordable healthcare plans are becoming increasingly important as millions of Americans lose their jobs. Health Savings Accounts have become popular tools to help employees pay for the cost of their healthcare, even when they have to use COBRA plans.
An estimated 2.6 million Americans lost their jobs in 2008 and thousands more are expected to lose their jobs in 2009. With many Americans accustomed to getting their healthcare coverage through their jobs, millions now turn to alternative coverage options so they can continue to have affordable healthcare. One of the most affordable and practical health care coverage options is a Health Savings Account (HSA).
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Posted by Wiley Long at 10:49 AM | Comments (0)
April 09, 2009
Companies Moving From Health Insurance To Health Savings Accounts
One of the largest issues facing the nation right now is the rising costs of health insurance. Many people can not afford to buy health insurance, because the premiums have been driven up to unimaginable heights over the last decade or so. Many companies are trying to help shoulder the burden of the large premiums by paying a certain percentage of the total cost every month for the employee. Many of these companies have tried to work around this problem in many ways. Health Savings Accounts are turning out to be one of the better solutions to this problem.
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Posted by Wiley Long at 11:04 AM | Comments (0)
April 05, 2009
Health Savings Accounts Are The Best Investment Vehicle Today
Investing for the future is something we all need to do. We need to save and invest for our future. One of the best investments today is opening a Health Savings Account.
The biggest reason why Health Savings Accounts are considered to be a good investment, is that you will have full control of where to invest your money. You can decide to invest your money in stocks, mutual funds, bonds, or any investment channel that you think your money will earn more. You get to have the bank of your choice acting as your Health Savings Account administrator.
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Posted by Wiley Long at 10:23 AM | Comments (0)
April 01, 2009
Get The Best Health Savings Account Insurance Plan at HSA for America
There are certain times where you need to be able to get the best affordable health insurance quickly and easily, and Health Savings Accounts allow you do to just that. When you do the research and check out all the angles, you'll see that Health Savings Accounts are a great way to put aside a bit of money for the health insurance that you need.
And remember that you need someone qualified to help you through all the necessary avenues so that you can get the best HSA plan. At HSA for America, we have professional advisors who will help you get all the information you need up front so that you're ready to make a good decision on the best HSA plan for your needs.
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Posted by Wiley Long at 09:24 AM | Comments (0)
March 29, 2009
Why Health Savings Accounts Are Catching On
Tracey Jihad has five kids and a chronic illness, reason enough to worry about rising health care costs. So she was apprehensive when her employer announced that it was starting the transition to a new kind of high-deductible health insurance with Health Savings Accounts.
Four years later, Jihad is sold on the way the new coverage lets her control health-care decisions, and hold down costs for herself, her coworkers and her employer. "Especially with the economy, this shows that we can be proactive about reducing health care costs," said Jihad.
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Posted by Wiley Long at 04:03 PM | Comments (0)
March 26, 2009
Report Finds Participation in Health Savings Account Plans Encouraging
According to a new report by the Manhattan Institute, Health Savings Accounts tied to HSA-qualified health insurance plans with high deductibles have gained participants at a higher rate than individual retirement accounts (IRAs) did in their early years. Moreover, data studied by the report's author suggest that health coverage under plans tied to Health Savings Accounts "has the potential to expand at least as sharply over time as IRAs and defined-contribution retirement plans did."
The report said that HSA-qualified high-deductible health insurance plans are now used by more than 6 million U.S. residents.
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Posted by Wiley Long at 10:54 AM | Comments (0)
March 23, 2009
Health Savings Accounts at Tax Time
Health Savings Accounts are a great way to pay for your health care when you have a qualifying high deductible health insurance plan. One big benefit is that any money you deposit into your Health Savings Account is deductible on your federal tax return. It is also deductible on all but 4 state tax returns.
If you have an HSA-qualified health insurance plan, but you haven't fully funded your Health Savings Account for 2008, you can still deposit money in it before filing your taxes!
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Posted by Wiley Long at 10:31 AM | Comments (0)
March 20, 2009
New Opportunities Are Being Created By Health Savings Account Portability
With Health Savings Account assets now in excess of $8 billion nationwide, there is a substantial prize for banks that can capture these Health Savings Accounts in the financial marketplace and retain them for the long term.
However, Health Savings Account customers do not necessarily have a strong sense of allegiance to any bank. Instead, Health Savings Account owners are starting to act more like true financial account holders. That means that if they're not getting what they need from their current financial institution, they'll be taking their Health Savings Accounts elsewhere.
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Posted by Wiley Long at 11:47 AM | Comments (0)
March 13, 2009
Health Savings Accounts Will Revolutionize American Health Care
The idea behind Health Savings Accounts is quite simple: Individuals should be able to manage some of their own health care dollars through savings accounts they own and control. They should be able to use these funds to pay expenses not paid by third-party insurance, including the cost of out-of-network doctors and diagnostic tests. They should be able to profit from being wise consumers of medical care by having Health Savings Account balances grow tax free and eventually be available for non-medical purchases.
By creating a Level Playing Field for Individual Self Insurance, Health Savings Accounts are designed to help correct a major flaw in tax law that distorts our entire health care system.
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Posted by Wiley Long at 08:25 AM | Comments (0)
March 09, 2009
Data Shows Gaining Popularity of Health Savings Accounts
The Center for Medical Progress at the Manhattan Institute has released a new report that finds Health Savings Accounts and HSA-qualified health insurance coverage have the potential to reduce health care costs and have expanded in popularity over time. In "HSA Health-Insurance Plans After Four Years: What Have We Learned?" Manhattan Institute senior fellow Benjamin Zycher lays out recommendations to simplify regulation of Health Savings Accounts and to strengthen financial incentives to participate in Health Savings Accounts.
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Posted by Wiley Long at 09:17 AM | Comments (0)
March 05, 2009
Free Guide to Health Savings Accounts Explains Benefits
Health Savings Accounts are the most powerful weapon for individuals and small to medium-sized employers to slice healthcare costs without reducing coverage... and they don't need to be confusing.
The Consumer's Guide to Health Savings Accounts report clears up HSA mysteries with step-by-step instructions on how an HSA can be used creatively and effectively. The guide provides a case study with before-and-after costs, a comparison of benefits and costs, how to find the best plans, how to decide on an HSA Administrator, and pitfalls to avoid.
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Posted by Wiley Long at 10:38 AM | Comments (0)
March 01, 2009
Learn How Health Savings Accounts Work
Jenny Thomas checked into her local hospital to deliver her first child. Unanticipated complications necessitated an emergency surgery. Fortunately both she and the baby were fine. But if it hadn’t been for her family’s Health Savings Account (HSA), she could have ended up owing the hospital tens of thousands of dollars.
An HSA is smart savings plan that you use for unanticipated medical expenses. Usually, money that is saved in the plan comes out of your paycheck before payroll taxes are computed, so you maximize your savings rate.
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Posted by Wiley Long at 11:03 AM | Comments (0)
February 26, 2009
Data Shows Health Savings Accounts Are Cutting Premiums
The coming health care reform is sure to set off the huge battle as interest groups struggle to be among the winners when the federal government attempts to reshape 17 percent of the U.S. economy through the blunt tools of increased spending and regulation.
While Health Savings Accounts are a great tool to help reduce health care spending, one basic problem still remains: The tax deductibility of employer-provided health coverage is a major cause of the resource waste and other problems afflicting the U.S. health-care system.
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Posted by Wiley Long at 10:50 AM | Comments (0)
February 23, 2009
Consumers Turn to Low Cost Health Savings Accounts to Save Money
Millions of consumers are switching to high-deductible health insurance plans that work with Health Savings Accounts as a way to reduce the cost of their health insurance. In addition to reducing health insurance premiums, Health Savings Accounts can also help to lower taxes and provide a means for individuals to grow their savings even more.
As the economy becomes increasingly unstable, consumers are looking for ways to save money wherever possible - especially on the high cost of health care and health insurance plans. A large number of consumers are switching to high-deductible Health Savings Account (HSA) plans from low-deductible, higher rate health insurance plans.
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Posted by Wiley Long at 10:25 AM | Comments (0)
February 20, 2009
Early Data Suggests Health Savings Accounts Are Gaining Popularity And May Cut Healthcare Costs
A new report finds that Health Savings Accounts have the potential to reduce health care costs and have expanded in popularity over time. In the report titled "HSA Health-Insurance Plans After Four Years: What Have We Learned?" released by the Center for Medical Progress at the Manhattan Institute, senior fellow Benjamin Zycher lays out recommendations to simplify regulation of Health Savings Accounts and to strengthen financial incentives to participate in Health Savings Accounts.
The goal of Health Savings Accounts is to provide consumers with more control over their healthcare spending and give individuals increased incentives to economize on their consumption of health-care resources. Although the data is still early, Zycher argues that Congress should continue to support and improve HSA-qualified health insurance plans as a valuable healthcare reform tool.
Posted by Wiley Long at 09:45 AM | Comments (0)
February 16, 2009
Puerto Rico establishes Health Savings Accounts
Puerto Rico has established Health Savings Accounts, which will allow contributions to the account to be exempt from personal income tax, and will apply to the taxable years that commence on and after January 1, 2009. Under the Health Savings Accounts, the insured will choose the provider and/or health service that they want to receive payment and will pay for those services with the funds that had accumulated in their Health Savings Account (HSA), covering up to the total annual deductible. The employee and the employer both may make contributions to the Health Savings Accounts. Once the insured has covered the high annual deductible, either charging the expenses eligible for medical attention to the funds in the HSA or with another source of funds, coverage from the traditional medical plan will begin.
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Posted by Wiley Long at 08:48 AM | Comments (0)
February 11, 2009
A Basic Overview of Health Savings Accounts
Health Savings Accounts are becoming more of a need these days
than a luxury. You must be enrolled in a high deductible health insurance plan in order to qualify for a Health Savings Account (HSA). Since Health Savings Accounts have been around, millions of people have qualified and gotten one. The trend should only continue to raise as more and more employers and companies offer this benefit as a bonus to their medical plans. Some companies aren't quite there yet but many have jumped on the bandwagon. There are some basic rules that can help an individual or corporation decide to enter the HSA market:
Continue reading "A Basic Overview of Health Savings Accounts"
Posted by Wiley Long at 11:36 AM | Comments (0)
February 05, 2009
Health Savings Accounts Show Only Modest Declines in Troubled Financial Markets
Canopy Financial, a leader in healthcare banking technology solutions that connect healthcare and financial services, announced the results of their Health Savings Account (HSA) Market Report for Q3'08. Canopy, whose industry leading HealthDirect® and CareGain® platforms serve as the core consumer-directed healthcare (CDH) account management and administration backend for some of the largest banks and health plans respectively, collects and aggregates a wide range of statistics related to actual HSA usage published quarterly. In Q3'08, despite sharp drops in U.S. financial markets, Individual and Family Health Savings Accounts showed only modest declines of two and four percent respectively.
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Posted by Wiley Long at 08:15 AM | Comments (0)
February 02, 2009
Health Savings Account 2009 Information
Guest writer Bill Randell explains his experience with Health Savings Accounts and what you need to know about them heading into 2009:
This year we switched to a high-deductible health plan that enabled us to open a Health Savings Account (HSA). For 2008, the IRS has the following requirement for HSA-eligible high-deductible health plans:
Single/Self-Only HSA Coverage -
* Minimum Annual Deductible: $1,100 ($1,150 for 2009)
* Maximum Out-of-Pocket Expenses: $5,600 ($5,800 for 2009)
Family HSA Coverage -
* Minimum Annual Deductible: $2,200 ($2,300 for 2009)
* Maximum Out-of-Pocket Expenses: $11,200 ($11,600 for 2009)
Continue reading "Health Savings Account 2009 Information"
Posted by Wiley Long at 08:05 AM | Comments (0)
January 29, 2009
Older Individuals are Finding Health Savings Accounts Useful
Health Savings Accounts are an amazing tool that a lot of people have been talking about. They is meant to help you save money on insurance and make your life simpler, maybe even help you be healthier.
But do Health Savings Accounts work just as well for older Americans? The answer depends on your age.
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Posted by Wiley Long at 11:11 AM | Comments (0)
January 26, 2009
Health Savings Accounts Are Creating Better Healthcare and Safer Investing
The security of Health Savings Accounts is more attractive than ever, but there’s a unique bonus inherent in the structure of Health Savings Accounts – the ability to invest your Health Savings Account funds in a safe haven, and build a bigger healthcare nest-egg for the future.
That is a main reason we believe agencies will be far more successful recommending Health Savings Accounts to their clients than they were last year, as long as they understand the appeal and advantages of the investment side of the equation.
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Posted by Wiley Long at 12:08 PM | Comments (0)
January 23, 2009
California Sees Health Savings Account Growth
The deepening recession is doing something for Health Savings Accounts (HSAs)and other high-deductible health plans in California that a decade of hype could not: It’s making employers sign up.
Kaiser Permanente, for instance, expects to reach 1 million members in its deductible plan offerings by mid-year, according to Dr. Artie Southam, Kaiser’s executive vice president of health plan operations. That would represent 12 percent of total enrollment for an organization that for decades had been wedded to the traditional HMO model.
Continue reading "California Sees Health Savings Account Growth"
Posted by Wiley Long at 12:38 PM | Comments (1)
January 20, 2009
Employer Comparable Contributions to Health Savings Accounts Under Section 4980G
SUMMARY: This document cancels a public hearing on proposed rulemaking providing guidance on employer comparable contributions to Health Savings Accounts (HSAs) under section 4980G of the Internal Revenue Code as mended by sections 302, 305, and 306 of the Tax Relief and Health Care Act of 2006. The proposed regulations also provide guidance relating to the requirement of a return to accompany payment of the excise tax under section 4980B, 4980D, 4980E or 4980G of the Code and the time for filing that return.
These proposed regulations would affect employers that contribute to employees' Health Savings Accounts and Archer Medical Savings Accounts, employers or employee organizations that sponsor a group health plan, and certain third parties such as insurance companies or HMOs or third-party HSA administrators who are responsible for providing benefits under the plan.
Continue reading "Employer Comparable Contributions to Health Savings Accounts Under Section 4980G"
Posted by Wiley Long at 08:50 AM | Comments (0)
January 15, 2009
New Online Tool Helps Health Savings Account Owners Price Shop
While most Americans can't control the economy, they can do a much better job of educating themselves about what they should pay for healthcare. Healthcarebluebook.com is the first national effort to provide free pricing data to Health Savings Account owners. It is designed to give people the information they need to pay fair prices for their healthcare.
Price variations for healthcare services, even within the same market and provider network, may be thousands of dollars. So knowing what the fair price is can help Health Savings Account owners better manage the cost of their healthcare.
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Posted by Wiley Long at 10:47 AM | Comments (0)
January 11, 2009
New Georgia Law on Health Savings Accounts
HB 977: Health care
This new law, that went into effect Jan 1, 2009, relates to health plans with high deductibles and associated Health Savings Accounts. The idea is to give health coverage to more uninsured Georgians. Under such plans, consumers pay high deductibles, but get tax breaks for putting money into savings accounts to be used for health care. The new law exempts insurers from paying taxes on premiums in the sale of the high-deductible savings account plans. That would save health insurers $146 million in tax breaks over the next five years, according to consumer groups.
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Posted by Wiley Long at 12:24 PM | Comments (0)
January 07, 2009
Health Savings Account Consumers More Cost-Conscious and Engaged
A new survey by the Washington-based Blue Cross and Blue Shield Association (BCBSA) has found that consumers who own Health Savings Account plans are more cost-conscious and engaged consumers than enrollees in other traditional health insurance plans.
The BCBSA 2008 Consumer Driven Health Plan (CDHP) Member Experience Survey, which was presented at the Consumer Driven Healthcare Summit in Washington, found that 72 percent of Health Savings Account owners track their health expenses, compared with just 40 percent of their non-CDHP counterparts.
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Posted by Wiley Long at 12:15 PM | Comments (0)
January 02, 2009
Insurers and Banks are Creating More Health Savings Accounts as Industry Grows
The money coming from the "health/wealth" market is expected to increase over the coming years: Some experts predict the market could reach $40 billion in the next five years. That's not surprising, as it appears consumers are getting used to transferring money into Health Savings Accounts regularly. In fact, as of the first quarter of 2008, consumers transferred an average $2,674 into their Health Savings Accounts, but spent only $1,216 on average, according to Canopy Financial. That certainly leaves plenty for banks to invest for their purposes.
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Posted by Wiley Long at 11:55 AM | Comments (0)
December 29, 2008
Using a Health Savings Account to Lower Your Health Insurance Premiums
Health insurance premiums can really put a strain on your budget if you are among the millions of Americans who have to pay for their own coverage. Rates this year alone are expected to increase by at least 8%. With rising premiums and the expensive cost of health care staring you in the face, what can you do to keep your premium at an affordable premium without compromising quality? Using a Health Savings Accounts is a great way to start.
Here are six ways you can lower your health insurance costs while still protecting yourself and your family:
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Posted by Wiley Long at 05:18 PM | Comments (0)
December 23, 2008
Increasing Number of California Employers Offering Health Savings Accounts
The dominance of managed care in the California market led many benefits experts to doubt if Health Savings Accounts would gain much traction there.
But a recent survey by the California HealthCare Foundation has found that 38% of employers in California now offer Health Savings Account plans to their employees, up from 18% in 2007.
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Posted by Wiley Long at 10:50 AM | Comments (0)
December 18, 2008
Health Savings Account Balances Grow Significantly
Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, has announced the results of their Health Savings Account (HSA) Market Report for Q2'08.
Canopy, whose industry leading HealthDirect and CareGain platforms serve as the core Health Savings Account management and administration backend for some of the largest banks and HSA plans respectively, collects and aggregates a wide range of statistics related to actual HSA usage.
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Posted by Wiley Long at 11:32 AM | Comments (0)
December 14, 2008
Doctors Still Need To Learn About Health Savings Accounts
A new survey has found that few doctors are adequately prepared to help patients navigate newer, so-called "consumer-directed" health plans.
The plans, which are meant to shift more responsibility for health care decisions to the individual patient, often come with high deductibles and include a Health Savings Account.
But 43 percent of doctors said they have heard little, if anything, about Health Savings Accounts, and less than half (48 percent) feel ready to discuss medical budgeting with their patients.
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Posted by Wiley Long at 04:46 PM | Comments (0)
December 10, 2008
Comerica Bank Introduces Health Savings Account
Comerica Bank's business customers can now offer their employees an affordable option for managing their health care expenses with Comerica HealthReserve, a Health Savings Account (HSA). Comerica HealthReserve HSA is also available to any individuals with high-deductible heath insurance coverage.
"With healthcare costs continuing to outpace inflation, the Comerica HealthReserve HSA enables us to offer our business customers a chance to lower their expenses while helping their employees," said Cassandra McKinney, director of Retail Product and Sales Management for Comerica Bank.
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Posted by Wiley Long at 02:44 PM | Comments (0)
December 05, 2008
BBB Advice on Health Savings Accounts
Rising healthcare costs are forcing small business owners to decide whether or not they can afford to provide health coverage for their employees. Some employers are choosing to contribute to Health Savings Accounts (HSA) for employees as an alternative to paying for health insurance, and Better Business Bureau is providing guidance for small business owners on whether Health Savings Accounts could be a viable option for their company.
According to a recently released Kaiser Family Foundation study, in 2008 employer-sponsored health insurance for a family cost an average of $12,680 - a five percent increase from 2007 - with one-fourth of that cost paid by employers...
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Posted by Wiley Long at 08:18 AM | Comments (0)
December 01, 2008
Health Savings Account Enrollment Spans All Income Groups
The majority of UnitedHealthcare customers with Health Savings Accounts (HSA) are depositing money into the accounts and accumulating balances, regardless of their income level, age or employer size.
UnitedHealthcare analyzed more than 200,000 of its 1.4 million members enrolled in an HSA-eligible health plan during the full year 2006 – the latest period for which full year data were available – and found that 68 percent of account holders contributed their own money to their Health Savings Accounts, and 88 percent had an account balance at the end of the year, carrying over $900 on average for future use.
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Posted by Wiley Long at 12:24 PM | Comments (0)
November 26, 2008
Health Savings Accounts Approach $4 Billion Mark
Since the products became available in 2004, consumers have opened 2.9 million Health Savings Accounts (HSA) and have collectively banked more than $3.9 billion, according to Inside Consumer-Direct Care's (ICDC) semiannual report on Health Savings Accounts. The average account balance, however, remained virtually unchanged at $1,348 - up just $7 since January. A year ago, financial firms said they collectively held more than $2.33 billion in 1.76 million accounts. By Jan. 1, 2008, assets had grown to $3.2 billion in 2.2 million accounts. The report is based on data from more than 40 financial firms that regularly provide ICDC with account figures.
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Posted by Wiley Long at 10:26 AM | Comments (0)
November 20, 2008
J.P. Morgan Sees Health Savings Accounts Rise 60 Percent
J.P. Morgan announced that their Health Savings Account (HSA) business has grown by 60 percent in account volume over the last year.
As the only national bank to offer Health Savings Accounts through its own proprietary platform, J.P. Morgan remains an industry leader with more than 300,000 account holders and more than $400 million in assets.
"Health Savings Accounts enable employers and consumers to balance more effectively short- and long-term needs around healthcare expenses," said David Josephs, head of J.P. Morgan's Consumer-Directed Healthcare business.
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Posted by Wiley Long at 10:34 AM | Comments (0)
November 14, 2008
Health Savings Accounts Create Choice
At the National Consumer Driven Healthcare Conference I went to, one of the speakers was Samuel Gibbs, Senior Vice President of ehealth insurance. He spoke about online health insurance shopping. They’ve found that one of the main criteria consumers want to know is "is my doctor in the network?" Another sign that consumer's want choice with their Health Savings Account, particularly when it comes to who their doctor is.
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Posted by Wiley Long at 10:42 AM | Comments (0)
November 11, 2008
Health savings accounts can help you save now and later
The concept behind Health Savings Accounts is pretty simple: You put money into a tax-favored account to pay for medical expenses now and in the future.
For most people, the hard part is understanding the high-deductible health plans they must choose to qualify for a Health Savings Account. These plans require participants to pay more of the cost of care before insurance picks up its share.
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Posted by Wiley Long at 10:56 AM | Comments (0)
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.
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Posted by Wiley Long at 12:08 PM | Comments (0)
November 03, 2008
Consumers Demanding Health Savings Accounts
Consumers are demanding a much greater role in decisions involving their health care, says Grace-Marie Turner, president of the Galen Institute.
For the past six years, the U.S. health care sector has been moving toward more market-based solutions with Health Savings Accounts, introducing patient choice and competition into a system that has largely been dominated by top-down, centralized management, says Turner. For example:
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Posted by Wiley Long at 12:08 PM | Comments (0)
October 29, 2008
Lower Your Health Insurance Costs with a Health Savings Account
With inflation exceeding 5%, are you searching for ways to cut expenses and save for retirement? While often overlooked, a Health Savings Account can significantly lower your health insurance costs and provide a tax-free way to save money for retirement.
For you health insurance needs, you should consider the combination of a High Deductible Health Plan with a Health Savings Account. These health insurance plans are often undersold by insurance agents due to the lower commissions they receive. However, when compared to a traditional health insurance plan, the combination will virtually always reduce your health care costs.
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Posted by Wiley Long at 09:50 AM | Comments (0)
October 23, 2008
Health Savings Accounts at the NCDH Summit
I’m in Washington D.C., at the National Consumer Driven Healthcare Summit where Health Savings Accounts are being discussed as a way to save consumers money. There are so many ways consumers can save money if they simply take a more proactive role in managing their own health care. Robert Neese, of HealthScripts, reported that under utilization of generic prescription drugs costs consumers over $42 billion a year. Greater use of mail order prescriptions will also save money, and leads to better therapy adherence to boot!
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Posted by Wiley Long at 03:40 PM | Comments (0)
October 20, 2008
Using Your Health Savings Account to Become CEO of Your Own Healthcare
At the National Consumer Driven Healthcare Summit, Elizabeth Bewley gave a fascinating talk titled "Consumers Need to Become CEOs of Their Own Health and Health Care." Health Savings Accounts can help you do just that.
During her talk, Ms. Bewley explained how our modern health care system is set up to benefit interests other than you. For instance, she spoke of a condition called ICU Psychosis, that affects many patients after spending time in intensive care. This problem manifests as a form of delirium or psychotic episodes, and is caused by the typical conditions in ICU - bright lights, noise, sleep deprivation, confusion about night and day, etc.
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Posted by Wiley Long at 03:30 PM | Comments (0)
October 14, 2008
CDC Report on Health Savings Account Plans
The Centers for Disease Control reports that 20.3 percent of all people under age 65 now have a high-deductible health plan (HDHP)--more than the number covered by public programs (19.4 percent). The HDHP is defined as having a deductible of at least $1,100 for an individual or $2,200 for a family. You can view the report here: http://www.cdc.gov/nchs/data/nhis/earlyrelease/insur200809.htm
What this means is that people are becoming more and more aware of Health Savings Accounts.
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Posted by Wiley Long at 10:26 AM | Comments (0)
October 10, 2008
Humana Helping Spanish Speaking Health Savings Account Owners
Humana Health Insurance has launched its new Interactive Voice Response Systems (IVRs) with complete Spanish functionality. IVR is an automated telephone technology that allows a computer to interact with members through pre-recorded voice responses, to gather and provide information and to route calls to further resources such as a live customer service representative.
"Spanish-speaking members will now be able to more efficiently perform such tasks as request new identification cards, get a proof of insurance fax or make a Health Savings Account (HSA) withdrawals," said John Brown, service vice president for Humana.
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Posted by Wiley Long at 09:33 AM | Comments (0)
October 06, 2008
Health Savings Account Enrollments Continue To Rise
With insurance coverage and account custodian openings increasing, three new Health Savings Account trends are beginning to surfaced in the latest round of research conducted by Information Strategies, Inc. (ISI).
At the same time, account custodian numbers continue to grow with an average 18% increase on a quarter-to-quarter basis for the period ending June 30.
While the total number HSA accounts are growing, expected to double in 2008, there is a definite seasonality to purchases.
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Posted by Wiley Long at 10:14 AM | Comments (0)
October 01, 2008
Stop Attacking Health Savings Accounts
To get a clearer picture of the competing visions for health care reform, Americans need to look no further than the surgery some in Congress want to perform on patient choice. The disagreement, in Washington as well as on the campaign trail, is about whether consumers ought to have more or less say in their own health care.
Some pre-op background: As part of the Medicare Modernization Act of 2003, Congress created Health Savings Accounts. The idea was to give patients an affordable alternative to the high insurance premiums of traditional "first-dollar" coverage.
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Posted by Wiley Long at 09:53 AM | Comments (0)
