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- Title
Managing Health Care Costs with Health Reimbursement Arrangements and Health Savings Accounts.
- Authors
Garner, John C.
- Abstract
Generous insurance benefits with low deductibles and out-of-pocket limits have created a situation in which the health care consumer often has little “skin in the game” and therefore ignores the cost of care, which drives up health care costs. Account-based plans, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), are parts of what is often referred to as consumer- driven health plans (CDHPs). One of the goals of CDHPs is to make patients more aware of the actual costs of medical services and therefore become good consumers. HRAs and HSAs can be effective tools to help convert plan participants into good consumers of health care. The rules associated with HRAs and HSAs are complex and care needs to be taken in implementing these account-based plans.
- Subjects
UNITED States; HEALTH reimbursement accounts; MEDICAL savings accounts; CONSUMER-driven health insurance; MEDICAL care costs; EMPLOYERS; SALARY reduction plans; DEDUCTIBLES (Insurance); MANAGEMENT
- Publication
Journal of Financial Service Professionals, 2013, Vol 67, Issue 4, p45
- ISSN
1537-1816
- Publication type
Article