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HSA is Not a Right Tool for All

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HSA is Not a Right Tool for All

HSA is Not a Right Tool for All

Health Savings Account does not work well for everyone. HSA is a good tool for cutting the cost of health insurance; but for only right businesses and individuals.

According to the representatives of UMB Healthcare Services, health savings accounts are not right tool for everyone. These are useful for some businesses and individuals.

UMB acts as warden of health savings accounts.

Cris Ruiz, the vise president of UMB Healthcare Services, Kansas City told in a meeting that the combined use of high-deductible insurance plans and health savings accounts can cut the costs by almost 20% to 30%.

Dennis Triplett, the CEO of Healthcare Services and Ruiz together said that individuals as well as businesses should meet some qualifying criteria to take advantage of health savings accounts. For instance, a federally certified high-deductible health insurance plan should be offered with health savings accounts; provided the individual should not insured by any other insurance. Moreover, there are limitations about how much he or she can contribute in heath savings accounts.

The benefits of health savings accounts: HSAs are portable. It does mean that an individual has access if he or she changes employments or becomes unemployed. Unlike flexible spending plans, there is no 'lose it or use it' term, in case of health savings accounts. Amount deposited in such account can be used in various ways.

According to Dennis Triplett, as of 2007, there were more than 6 million HSAs; but he expected the number to be increased to over 8 million, in near future.

Susan Smith, an official from Gossen Livingston Architects said that the company is offering HSAs or health savings accounts, in the market; for the first time. She assumes that 10% to 20% of the company's total number of employees is likely to select a health savings account instead of conventional plans. Ruiz also supported the figure. Susan included that communication is the key factor for the employers, who want to offer health savings accounts, successfully.

Both employers and employees should understand how an HSA works, actually. They should have tools to decide which option would be right for them. Health savings accounts should be considered as long-term solutions, not as something temporary.

According to Susan this might not be a good solution for all demographics.

However, if everything is accurate, health savings accounts are useful for both employers and employees.

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