Tuesday, June 12, 2007

I should start selling myself as a psychic, 'cause here's another thing I predicted.
Health Savings Plans Start to Falter

Despite Employer Enthusiasm for Consumer-Directed Approach,
Patients Express Dissatisfaction With How the Accounts Work


President Bush and many big employers have hailed "consumer-directed" health plans and savings accounts as an effective weapon in the battle against runaway medical costs. But several years after the plans got off to a fast start, the approach appears to be stumbling -- largely because of consumers' unease in using them.


But low enrollment and low satisfaction among workers who are offered them raise the question of whether consumer-directed plans will stall before they ever hit the mainstream. Few employers are focusing on the costly measures -- such as offering better coverage or more consumer education -- that may be needed to accelerate these plans.


At 9:24 AM, Blogger Paddy said...

Bad morning. F'ng cat got out and I live too close to a busy road to just wait for him to come back.


At 9:50 AM, Blogger gimmeabreak said...

I hope you get him...

At 12:08 PM, Blogger Robert said...

My 2 cents:

HSAs suck because it can be very hard to guess at your expenses for the coming year. If you overestimate your expenses and put too much in, you lose the money.

My wife and I had to rush out to the drug store at the end of one year to buy a bunch of over the counter stuff to try to use up the excess funds in an HSA. We still lost some money on it. How does that make us better health consumers? I thought the goal was to avoid wasteful spending, not encourage it.

Add the pain of paperwork and management to the risk and you get a worthless program. We stopped using them. The savings weren't large enough to justify the risk and the effort involved.

At 5:24 PM, Anonymous Anonymous said...

Dude, I don't think you have an HSA. With an HSA, you can roll over the amount you deposit every year. And you can use it for THE REST OF YOUR LIFE. That money might be useful when you find yourself in a nursing home in 40 years.


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