Permitting people without high-deductible health plans to contribute to HSAs and raising the contribution cap would empower millions more patients to decide how to spend their healthcare dollars - and generate savings throughout the healthcare system in the process. For a family, the annual contribution limit is $7,300.
People who have HSAs can only contribute up to $3,650 per year. Federal rules only allow individuals and families enrolled in a high-deductible health plan - one with a minimum deductible of $1,400 and $2,800, respectively - to contribute to an HSA. Those sorts of consumer decisions save patients and the health system money, yet just 10% of people have access to an HSA. Or maybe they'll pay the cash price, which can be cheaper than paying with insurance, for treatment to avoid waiting for prior authorization or a coverage decision from their health plan. Perhaps they'll choose a provider who offers the best service at the lowest price but isn't in their insurer's network. Since they're using their own money, account holders have an incentive to spend wisely. HSAs allow patients to set aside pretax dollars to cover medical expenses. Lawmakers can begin by expanding access to And where there's competition, there's better quality and less expensive care. It would also increase consumer choice, thereby forcing insurance companies and providers to compete for patients' business. Putting more power into patients' hands wouldn't just ease that frustration.
A majority of people are unhappy with the handling of healthcare in the United States.ĬLICK HERE TO READ THE WASHINGTON EXAMINER'S EMPOWERING PATIENTS IN HEALTHCARE SERIES More than one-third of people are directly dependent on the government for health coverage.Īll this government intervention hasn't yielded much in the way of patient satisfaction.
Government accounts for nearly half of all health spending in this country.
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