When you bought your last appliance or computer, did you buy the extended warranty? Did you hunt for the best price for the best quality machine? How would you have handled the search if it was an “emergency” and you needed to obtain the replacement quickly?
Some senators are comparing how Americans shop for healthcare with how Americans shop for household appliances. The argument is based upon the fact that people who have health savings accounts manage their healthcare spending by comparing the prices of healthcare services before spending money, similarly to how most people compare prices when shopping for household appliances. Yet most people, who have a lower deductible insurance plan and only pay a fixed co-pay, simply obtain the service of whatever healthcare provider is convenient to them at the time, regardless of the price charged to the insurance company. Due to this lack of personal responsibility, healthcare prices are unable to be regulated by free market competition. In addition, the majority of Americans insured with low deductible plans have become accustomed to this process and see no reason to change this system.
However, in a nation suffering from recession, high unemployment rates, and millions of uninsured children, women, and elderly; many people, 
who have never had to worry about healthcare, are staring at this crisis like a deer caught in the headlights. It could be a middle-aged business man who lost his job after working for over 20 years for the same company with the same healthcare benefits, now having to obtain individual/family insurance for himself and his wife for the first time. Or it could be a recent college graduate who can’t get a full-time job because the small businesses that will hire her cannot afford to hire a full-time employee and pay health benefits, as well. No matter what the situation, many Americans are finding themselves in need of obtaining insurance outside of their employer’s group plan.
With the soaring costs of healthcare, insurance premiums are at an all time high. How can one afford proper healthcare and yet be prepared for the costs incurred before the deductible is met? The answer can possibly be found in what I like to call the dynamic duo: a health savings account and a high deductible insurance plan. In order to obtain an affordable policy with the best benefits, a high deductible is usually required. Yet, people who are concerned with keeping monthly premium costs down, most likely do not have lots of extra money to pay towards the deductible when the unexpected happens. A health savings account is ultimately a savings account where pre-tax dollars are put aside to be used for any medical cost incurred not covered by the health insurance plan. Ultimately, the high deductible plan saves money on monthly premium costs and the HSA saves money on taxes. Having money in an HSA allows an individual to be in control of how much money is spent on healthcare and how the money is spent when it is needed. Unlike a flexible saving plan, the money placed in a HSA can roll over to the next year, if not used.
Many in Washington believe this dynamic duo is the most cost effective and simplistic remedy to our healthcare crisis. Others looking for an answer to this national dilemma see a bird, no a plane…no, it’s Obamacare! Unfortunately, most of the government bureaucrats are uncertain that any national plan will have any significant impact on decreasing health care costs. What is certain is the billions of dollars these plans will cost taxpayers.
Rescue Me!!
Never fear! The dynamic duo is here!
If you would like to find out more information concerning HSAs, please contact Custom Health Plans to speak to a licensed Dallas health insurance expert by calling 877-749-2241 or for those in the Dallas/Ft Worth area by calling 469-361-4032, or go to the website at www.customhealthplans.com
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