The combination of health savings accounts (HSAs) and qualified high deductible health plans (QHDHPs) has proven to be a powerful weapon in the battle of rising health insurance costs. Because consumers who use this solution have an opportunity to save hundreds and even thousands of dollars on health insurance premiums, these plans have become increasingly popular with Utah residents since their introduction in 2003.
As health care costs grow and workers are asked to carry more of those costs, high-deductible insurance plans are becoming more popular. But many people are finding an unexpected cost: doctors who expect their full payment upfront.
Health savings accounts (HSA) give small businesses or individuals who would not normally have health care insurance a tax-free option. Dr. Theodore Kress, a Bridgeport optometrist, has used a health savings account coupled with a high deductible health insurance plan for his family's care since 2006.
New Jersey will soon learn exactly how many public workers chose low-cost, high-deductible health insurance plans, but many, including Governor Christie, aren't expecting that number to be high enough to save significant money. When Christie pushed to offer government workers a set of health plans with low premiums but higher out-of-pocket costs for care, he pointed to Indiana, where three-quarters of state workers enrolled in those pay-as-you-go plans this year.
INDIANAPOLIS (AP) -- Enrollment in high-deductible health insurance plans that can help consumers save for medical expenses climbed 14 percent this year and has jumped 87 percent since January 2008, according to the trade association America's Health Insurance Plans. A total of 11.4 million people had enrolled in high-deductible plans that are eligible for health savings accounts as of January. That compares to 10 million people in January 2010 and 6.1 million people at the start of 2008.
Advocacy: * He championed health savings accounts as a form of medical insurance from the early 1990s until Congress gave them tax-exempt status in 2003. * He established the Educational Choice Charitable Trust in 1991, a program of privately funded school vouchers for low-income children. * In 1976, he led a successful lawsuit against the state of Illinois and the Educational Testing Service for racially discriminatory exams for insurance agents. Here is a list of the organizations he heads or that he has supported financially. * Medical Savings Insurance Co. Rooney is chairman and CEO of the company, which almost exclusively sells health savings accounts coupled with high-deductible health insurance.
Brian Davis, chief financial officer 2007 revenue: $40 million 2007 loss: $3.1 million Customers Insured: 9,700 Products: health savings accounts combined with high-deductible health insurance. Fairness Foundation Inc. Founded: 1998 by J. Patrick Rooney Past president: J. Patrick Rooney 2006 revenue: $1 million.* 2006 expenditures: $772,000* Current and former clients: 3,000 Mission: educates and represents uninsured hospital patients in negotiations with hospitals over bills * most recent data available Sources: individual companies, state insurance filings, federal tax filing, A.M. Best Co.
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