Our family is a heavy healthcare-using family, yet, we LOVE our HSA! Even if we max out our stop loss, when you add what we paid for healthcare, including the low premiums for our HSA plan, it BLOWS AWAY the total cost of our PPO plan! How can this be? Most forget to include the HIGH premiums of the PPO in their PPO vs. HSA comparisons(and tax savings). Heavy users of PPOs pay high-premiums for the privilege of low co-pays! HSAs usually blow away PPOs!
The premise of this video is that people are too dumb to make their own medical decisions. We need to go away from health COVERAGE and toward health INSURANCE so that the consumer of healthcare actually buys the consumed care (creating downward pricing pressure) while major medical problems will be insured against. We shouldn't be insuring against sprained ankles.
This video is BS. It sounds like a political commercial telling half truths to make their point. I don't have an HSA yet (planning on getting one) but from what I heard about them I think they're a great idea and one of the niftier ideas to come around in awhile. Insurance whether medical, auto, etc. is meant to protect you in case of catastrophe. This method is far more logical and much more realistic in a free market than universal health care.
The market place does work. All young industries have growing pains and HSAs are no exception. That being said, entrepreneurs are already taking on the areas that need to be addressed. For example, to address accidents like a broken arm, you can buy a supplemental accident insurance policy for under $30 per month (for a family) that will cover up to $10,000 (per individual) in medical expenses. Your out of pocket expense for that broken arm is only $100. Check out HSA education sites.
We've had one for 3 years - our rates have gone up 78%. The biggest problem is health care providers make it impossible to shop - as consumers we need transparency. Laser surgery has dropped dramatically - usually it is not covered by insurance. Providers need to compete on price and make their service affordable. The free market works - if it truly is free. That means consumers (you and me) need to know the price, not just the deductible. In the end, we are all paying this ever increasing fee.
If somebody wants to go to a cheap hospital, shouldn't that be their choice?? Oh wait, I forgot that politicians and special interest groups are much smarter than all of us so we need them to take care of us. Silly me, I thought I was smart enough to take care of my own body.
This is the most rediculous thing I have ever seen but I guarantee some Americans buy it.
This is such ignorance! How is it that an organization that claims to be there for families can be so misleading? They could not be more wrong!! HSA's are great for the insured! It makes sense for almost every insured American, and it is a great solution for uninsured American's too. If this is their agenda regarding health insurance, beware of ANYTHING they say!!!
I love my HDHP and my HSA! And with my large family, it's a great deal because after paying for the first three kids, the rest are covered with no further increase to the premium cost! We qualify for medicaid due to our income/family size, but hey who needs medicaid when I can take care of my own family myself?
This is a bunch of drivel. You can have a deductible as low as $1100, and put in as much as $2850 each and every year into the account, tax-deductibly. Whatever you don't spend rolls over and grows like an IRA.
The premiums compared to traditional coverage are about a 40% savings, giving you the money needed to fund the account.
I am saving $200 per month on my healthcare by switching to a HSA plan. My deductible went from $500 to $2000. SO my exposure was increased by $1500, but my savings was $2400. I am not a math major, but I think i am saving money. Especially, since i only spent $500 last year in health expenses.
For a good discussion on American health care read Dr. David Gratzer's book "The Cure: How Capitalism Can Save American Health Care" Dr. Gratzer exposes some weaknesses of our current system contrasted with the ideas of universal health care like Canada's and provides some solutions between the two (including HSAs for realatively healthy people who are relatively well-off financially.)
if you didn't sell insurance (specifically HSA plans) and have a CPA and PhD in economics, you would think HSA plans are only for the yound and healthy, but more then 60% of our clients are over the age of 50, and not what i would consider healthy or wealthy. HSA plans greatly benefit high users of healthcare - and especially those with high prescription med bills. I know few people understand this, but sick people understand healthcare and the plans better then any PHD or CPA!
Nice, simple analysis, greatlakes!
Our family is a heavy healthcare-using family, yet, we LOVE our HSA! Even if we max out our stop loss, when you add what we paid for healthcare, including the low premiums for our HSA plan, it BLOWS AWAY the total cost of our PPO plan! How can this be? Most forget to include the HIGH premiums of the PPO in their PPO vs. HSA comparisons(and tax savings). Heavy users of PPOs pay high-premiums for the privilege of low co-pays! HSAs usually blow away PPOs!
jeffelmsigecom 3 months ago
The premise of this video is that people are too dumb to make their own medical decisions. We need to go away from health COVERAGE and toward health INSURANCE so that the consumer of healthcare actually buys the consumed care (creating downward pricing pressure) while major medical problems will be insured against. We shouldn't be insuring against sprained ankles.
dilwf 3 years ago
This video is BS. It sounds like a political commercial telling half truths to make their point. I don't have an HSA yet (planning on getting one) but from what I heard about them I think they're a great idea and one of the niftier ideas to come around in awhile. Insurance whether medical, auto, etc. is meant to protect you in case of catastrophe. This method is far more logical and much more realistic in a free market than universal health care.
HGeneAnthony 3 years ago
The market place does work. All young industries have growing pains and HSAs are no exception. That being said, entrepreneurs are already taking on the areas that need to be addressed. For example, to address accidents like a broken arm, you can buy a supplemental accident insurance policy for under $30 per month (for a family) that will cover up to $10,000 (per individual) in medical expenses. Your out of pocket expense for that broken arm is only $100. Check out HSA education sites.
HSAeducator 3 years ago
We've had one for 3 years - our rates have gone up 78%. The biggest problem is health care providers make it impossible to shop - as consumers we need transparency. Laser surgery has dropped dramatically - usually it is not covered by insurance. Providers need to compete on price and make their service affordable. The free market works - if it truly is free. That means consumers (you and me) need to know the price, not just the deductible. In the end, we are all paying this ever increasing fee.
MNREALESTATE 3 years ago 3
If somebody wants to go to a cheap hospital, shouldn't that be their choice?? Oh wait, I forgot that politicians and special interest groups are much smarter than all of us so we need them to take care of us. Silly me, I thought I was smart enough to take care of my own body.
This is the most rediculous thing I have ever seen but I guarantee some Americans buy it.
wrc21353 3 years ago 2
This is such ignorance! How is it that an organization that claims to be there for families can be so misleading? They could not be more wrong!! HSA's are great for the insured! It makes sense for almost every insured American, and it is a great solution for uninsured American's too. If this is their agenda regarding health insurance, beware of ANYTHING they say!!!
slaadams 4 years ago
I love my HDHP and my HSA! And with my large family, it's a great deal because after paying for the first three kids, the rest are covered with no further increase to the premium cost! We qualify for medicaid due to our income/family size, but hey who needs medicaid when I can take care of my own family myself?
juditt7 4 years ago
it is a solution if you take charge of your health, eat well and exercise.
juana4molina 4 years ago
"it is a solution if you take charge of your health, eat well and exercise."
Yep, just make sure you don't fall, get beat up, catch a disease from infected person, ect ect
rydar1978 3 years ago
This is a bunch of drivel. You can have a deductible as low as $1100, and put in as much as $2850 each and every year into the account, tax-deductibly. Whatever you don't spend rolls over and grows like an IRA.
The premiums compared to traditional coverage are about a 40% savings, giving you the money needed to fund the account.
ConservativeDC 4 years ago 4
I am saving $200 per month on my healthcare by switching to a HSA plan. My deductible went from $500 to $2000. SO my exposure was increased by $1500, but my savings was $2400. I am not a math major, but I think i am saving money. Especially, since i only spent $500 last year in health expenses.
greatlakeshsa 5 years ago 2
For a good discussion on American health care read Dr. David Gratzer's book "The Cure: How Capitalism Can Save American Health Care" Dr. Gratzer exposes some weaknesses of our current system contrasted with the ideas of universal health care like Canada's and provides some solutions between the two (including HSAs for realatively healthy people who are relatively well-off financially.)
dane3026 4 years ago 2
if you didn't sell insurance (specifically HSA plans) and have a CPA and PhD in economics, you would think HSA plans are only for the yound and healthy, but more then 60% of our clients are over the age of 50, and not what i would consider healthy or wealthy. HSA plans greatly benefit high users of healthcare - and especially those with high prescription med bills. I know few people understand this, but sick people understand healthcare and the plans better then any PHD or CPA!
greatlakeshsa 4 years ago 2
I'm in favor of HSAs. They don't solve all the problems, they are a big step in the right direction. Check out the video on eHealthInsurance
dane3026 4 years ago 2