Health Savings Accounts: What The Physician Sees
As a benefits broker youre ready to sell Health Savings Accounts and your clients are ready to offer HSAs to their employees. Is the health care system ready to support success with HSAs?
I reflect back on the conversations I had with my patients as we discussed the operation I was going to perform. I wonder how well the early adopters of HSAs will fare.
Im optimistic about the power of HSAs to lower escalating business health care costs. The reason is simple. When employees experience the consequences of their choices, they can and will make good decisions. They will collect information about cost and quality and make informed choices based on value.
But try to figure out where to get your hernia fixed and youll discover how far we have to go. Sadly, asking consumers to drive their health plans is like asking blind people to become NASCAR drivers.
Its virtually impossible to compare health care costs. There are some legitimate reasons. Asking, “What will it cost to get my hernia repaired?” is like asking, “What will a 2-week trip to France cost?” It depends on what kind of journey you make. However, you can easily compare the costs for a 10-day cruise to Alaska on three different cruise lines.
Its almost impossible to do the same with a medical procedure, and heres why. Health care, like any other business, is subject to antitrust regulation to avoid monopolies. This has created a veil of secrecy about professional medical fees.