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HSAs Assist Employees and Employers

HSAs Assist Employees and Employers

Employees and employers having health savings accounts or HSAs and HSA-eligible health plans are satisfied with their HSAs or health plans. HSAs assist employees and employers by providing adequate coverage at lower costs. Moreover, they are getting more involved in managing health advantages provided by such HSAs and HSA-qualified health insurance plans.

Tax-favored HSAs assist employees and employers; in fact they are specifically designed to help

  • People paying for their current healthcare expenses
  • People saving for their future medical expenses
  • Retiree healthcare expenses.

According to Tom Hricik, the national director for ACS Solution, a Dallas, TX-based HSA plan administrator, with strong debate on healthcare reform; particularly health insurance reform, employers as well as employees are able to more efficiently control their healthcare expenses and they are satisfied with the coverage using HSAs. Health savings accounts have been utilized by the accountholders as a useful and important tool for saving on the future medical expenses.

HSAs assist employees and employers as well. Employers also found advantages to health savings accounts. 86% of those providing the choice for over 3 years specified that the plan cost was almost same or lesser than last year. More or less every employer who responded said that health savings account allows the company to carry on offering group-sponsored health insurance.

The surveys on how HSAs assist employees and employers were finished in spring by the Buck Consultants, ACS' independent arm.

The survey revealed

  • 85% of the health savings account holders reported their HSA-eligible plans are reasonably priced
  • 73% of the health savings account holders reported they disburse the same or lesser with a conventional kind of health insurance plan.

After switching over to a health savings account, over half of the account holders said that they can closely observe their healthcare expenses. And, this finding supports a key claim for how HSAs assist employees and employers to save money ultimately.

According to the surveys,

  • 48% of the respondent said that they monitor their medical bill much closely
  • 46% gain better understanding on where their dollars actually go
  • 40% evaluate costs more closely prior to selecting medical services.

Most of the health savings account holders (more than 80%) said that the capability to individually control healthcare expenses is a very important issue that encouraged them to elect a health savings account.

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