Health Saving Accounts Show Continued Growth « Health Insurance Advisory

Health Saving Accounts Show Continued Growth

Author: Pete S - Sr. Staff Writer | Dec 14 2011 | Health Saving Accounts

Health Saving Accounts and Consumer-Driven Health Plans now cover 12% of the private health insurance marketplace, according to the Employee Benefit Research Institute.  This represents 21 million individuals, including children. Account based plans, such as a Health Saving Account has shown consistent growth in enrollment throughout the past several years.

As a response to rapidly rising healthcare costs, individuals, families, self employed persons and employers of all sizes have looked to Health Saving Accounts and Consumer-Driven Health Plans as a more low cost medical insurance alternative. These popular plans use a combination of a tax-preferred saving or spending account to pay for out-of-pocket healthcare expenses in conjunction with a high deductible health plan that includes a deductible of at least $1,000.

Studies have shown that individuals enrolled in Health Saving Accounts and Consumer-Driven Health Plans are likely to display more cost conscious behavior than persons with a traditional medical insurance plan. They are, for example, more apt to ask for a generic drug instead of brand name, speak with their healthcare provider about alternative treatment options, check the price of a service before obtaining medical care and develop a budget to manage healthcare expenses.

Health Saving Accounts and Consumer-Driven Health Plans also offer premiums that are less expensive than traditional medical insurance.  In some instances, the premium savings can be very significant. Although the annual deductible is often higher than a traditional medical insurance plan, the maximum out-of-pocket cost may be less. This means your out-of-pocket financial exposure, should your or a family member require surgery or hospitalization, may be less with a Health Saving Account paired with a high deductible health plan.

If you need low cost medical insurance, then a Health Savings Account could be a viable option worth considering. Our online health insurance quotes allow you to shop and perform side by side comparisons of traditional medical insurance plans and Health Saving Accounts.

If you need assistance selecting the best individual medical health insurance plan to fit your budget and coverage needs, call us today at 800-403-8511. We can help you find low cost medical insurance from a top health insurance company in your area.

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