A look at the health savings accounts trend.Employers and employees alike are always seeking ways to limit their costs. They also want to make informed decisions. Proficiency at addressing both these concerns is critical as the health care delivery arena changes. With the passage of the Medicare Prescription Drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, , Improvement & Modernization Act in December 2003, Health Savings Accounts (HSAs) became available for both group medical programs and the private consumer. HSAs are tax-advantaged personal savings or investment accounts paired with high-deductible health plans and are intended for payment of qualified medical expenses. HSAa can only be established in combination with high-deductible health plans with minimum deductibles of $1,000/Individual & $2,000/Families. An HSA HSA Health Savings Account (US) HSA Human Serum Albumin HSA Human Services Agency (Nevada) HSA Health Services Agency HSA Health and Safety Authority (Ireland) health care plan is unique not only from a cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. standpoint (due to low premium) but because it allows the insured to accumulate or roll over tax-free funds from year to year that may be used to offset future health care expenses. These tax-free dollars may be used to fund other medical expenses such as Long-Term Care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. and Medicare premiums, to name a few. HSA Plans often have features such as interest-earning savings accounts, debit cards and an array of several technological services that help consumers maximize their dollars. Some attractive economic features include Catch-Up contributions for people ages 55 or older and Group HSA Programs have a portability provision that allows employees to own and control the accounts even if they change jobs. Additional advantages for employers to consider offering a Group HSA Program are: * They reduce spending and slow the rising cost of health plan benefits * Contributions are tax-exempt for employers * Reduced health insurance rates with a more affordable program for employees * No employer accounting liability or reimbursement process * Encourages savings for future medical expenses; no "use it or lose it" rule The advent of the Health Savings Account plan puts more responsibility for health care purchases in the hands of the insured, giving them more choices--from selecting providers to choosing prescription drugs. Many health policy analysts believe making consumers aware of the actual cost of health services health services Managed care The benefits covered under a health contract will change the relationship between the consumer and physician. Once consumers have more direct control of payment for their health care services, they will be more inclined to shop quite seriously for those services which could impact the cost of care and resulting patient satisfaction. Having the choice of limiting expenses and increasing decision-making power with regard to health care expenditures is an option that can be a very viable and attractive choice for many consumers today. Annette Allen, LUTCF LUTCF Life Underwriter Training Council Fellow (insurance) , if the Principal of Wellington Newport, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control located in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . She has more than 20 years of benefits expertise at some of the nation's leading brokerage firms. She is located in Glendale, California Glendale is a city in Los Angeles County, California, United States. It lies at the eastern end of the San Fernando Valley, is bisected by the Verdugo Mountains, and is an important suburb in the Greater Los Angeles Area. and can be reached at (818) 476-0102. |
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