Business Owners Resource Network

March 2, 2009

HSA’s and Personal Responsibility

Filed under: Employee Benefits — michellehodges @ 11:23 pm

By promoting competition, the free market does a better job at delivering goods and services than any government or monopoly program.  This is a simple truth, yet too few people understand it.

HSAs provide an incentive to promote this type of competitive market environment in health care.  HSA owners are more likely to shop with their health care dollars, and demand lower prices and better service.  They are more likely to ask for generics, to shop for better pricing for similar services, etc.  The mindset is that of any consumer shopping and wanting the best bang for their buck.   

We are already seeing the results, with doctor charges rising less in 2006 than any of the past 25 years.  There are also numerous companies springing up to serve the needs resulting from this new, consumer-driven health care.  With non traditional approachs to healthcare on the rise…i.e. holistic and natural remedies, HSA’s are increasingly popular because you can use your pre tax dollars to pay for such services. 

So what, exactly, do HSAs promote?  Personal responsibility, of course. 

Everyone knows that their medical expenses are likely to go up as they age.  Those who take personal responsibility put money aside to cover these future expenses.  And they have no worries about paying for medical expenses during retirement.

 Everyone also knows that the risk of sickness and disease increases with age.  Those who take personal responsibility eat right, exercise, and take care of themselves.  And they tend to be much more healthy and vibrant in their retirement years.

 If you have an HSA, and take care of your finances and health, you will pay lower taxes, lower insurance premiums, and fewer medical bills, and you’ll have a whole lot of money in a tax-free account one day.

HSAs seem to particularly appeal to those who resonate with this idea of personal responsibility.

Consumer Driven Health care…wave of the future…I think so!!!  What’s your thought on personal responsibility and health care? 

Michelle Hodges

mhodges@benefitsdesigngroup.cc

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