These days, health care costs are out of control.  From doctor visits and prescriptions to operations and hospitals stays, keeping healthy isn’t cheap.  Fortunately, a Texas health savings account, or Texas HSA, can help consumers keep costs down by putting them in charge of their medical spending.

Health savings accounts were created in 2003 as part of the Medicare Reform Act; they provide individuals and families a way to save money tax-free to pay for qualified medical expenses, like doctor visits, prescriptions and preventative care.  These plans were created in response to the rising cost of health care with the intent to give consumers more control over their health care costs.  In many cases, a Texas HSA can reduce health care spending by 30 to 40 percent or more over the course of one year.

The recently passed—and highly publicized—health care legislation is no guarantee that health care costs will go down.  In fact, most experts believe that costs will actually rise, as the government attempts to extend coverage to millions more people.

In order to combat looming cost increases, consumers may want to consider a high deductible health plan with a low monthly premium.  A high deductible health plan covers major health events, similar to a traditional major medical plan.  If you’re generally healthy and don’t require frequent doctor visits or prescriptions, then all you pay each month is a low premium; yet you have coverage in place to cover a catastrophic accident or major medical emergency.

Having a high deductible health plan in place makes consumers eligible for a Texas HSA.  Pairing these plans together establishes a formidable health plan that puts consumers in control.  When consumers are the key decision makers over how their money is spent, they tend to spend their money more wisely.  In turn, the market reacts by offering more competitive rates for services, which creates better value for individuals.

This entry was posted on Thursday, May 6th, 2010 at 2:48 pm and is filed under Health Savings Account (HSA), Texas health insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.