Health Savings Account – America’s Innovation in Health Insurance Pt 7
The US Treasury Department estimates that the government will have to part with 156 billion dollars over a period of 10 years for HSA. Critics say that this can increase appreciably. Several investigations were conducted on the effectiveness of the HSA and some discovered that account owners are not particularly satisfied with the HSA scheme and many are still ignorant about the functioning of the HSA. A survey conducted in 2007 with US officials by the consultants Towers Perrin, of human resources, showed that the satisfaction with the health plans based on accounts (ABHPs) was low. People were not happy with them in general compared to people with more traditional Cigna Health Insurance 2020 at https://www.healthinsurancequotes2020.com. The interviewees said that they were not comfortable with the risk and did not understand how it works.
According to the Commonwealth Fund, initial experience with HAS’s high deductible health plans reveals low satisfaction, high exit costs, and access problems related to cost. Other research conducted with the Employee Benefits Research Institute found that people enrolled in highly deductible health plans eligible for HSA were much less satisfied with many aspects of their health care than adults in larger plans People in those plans allocate substantial amounts of rent to your plans. health care, especially those who have worse health or lower income. The research also found that adults in high-franchise health plans are much more likely to delay or avoid needed care, or to ignore medications because of the cost. The problems are particularly pronounced among those with worse health or lower incomes.
Political leaders also spoke out about their complains about HSAs. John Conyers Jr. a Congressman issued the following statement criticizing HS Accounts: “The health plan of the president is not to cover the uninsured, make health insurance cheaper, or even reduce the costs of healthcare. The actual intention is to make it quite easy for companies to discharge the burden of health insurance on workers, give tax incentives to the wealthy and raises the profits of financial brokers and banks. In many cases, Health policies created by special interests do not help the average American at all, which can make health care even more challenging. ” The fact is, a report from the accountability office of the United States governments, published on April 1, 2008, says that the enrollment rate in HSAs is higher for people with higher incomes than for those with low income. A study entitled “Health Savings Accounts and High Deductible Health Plans: Are an Option for Low-Income Families?” By Jennifer Tolbert and Catherine Hoffman, which the Kaiser Family Foundation gave sponsorship to, she reported the following conclusions about HSAs:
- a) Awards for health plans rated by HSA may be lower than for traditional insurance, but these plans transfer more of the financial risk for individuals and families through higher franchises.
- b) Prizes and direct costs of health plans qualified by HSA consume a substantial part of the budget of a low-income family.
- c) Most low-income individuals and families do not face sufficient tax obligations to benefit significantly from the tax deductions associated with HSAs.
- d) People with chronic conditions, disabilities and others with high-cost medical needs can face even greater costs with health plans qualified by HSA.
- e) Cost sharing reduces the use of health care, especially primary and preventive services, and low-income individuals and those who are most ill are particularly sensitive to increases in cost sharing.
- f) It is unlikely that health savings accounts and high deductible plans substantially increase health insurance coverage among insured persons.