More people are now inclined to believe that possessing a Health Savings Account (HSA) is the answer to America’s seemingly dire healthcare problem. Since it was signed into law by President George Bush in 2003 as part of the Medicare Prescription Drug, Improvement, and Modernization Act, the number of members have been on the rise.
Increasing Buyers and Believer in the HSA Healthcare Reform
CrystalClearRX.com, a pharmacy benefit management software provider, reports that the number of US households opening an HSA increased tenfold from 2005 to 2012, with figures reaching $6.52M.
The numbers show that there is a significant increase in the number of people who are taking health care management into their own hands using an HSA. In 2006, there were 3.2 million subscribed to the HSA. In 2010, the numbers increased to 10 million, and in 2013, approximately 15.5 million Americans registered and took advantage of this tax-free health care plan.
Simple Structure and Limited Out-of-Pocket Cost
A report found that 27% of HSA health plan buyers in the individual market previously did not have health insurance, which is a disadvantage for many Americans. Perhaps one of the most attractive things about this health care option is the simplicity of its structure.
Prior to enrolling in an HSA, individuals first need to acquire a high-deductible health plan (HDHP). HDHP offers an integrated deductible with key health plans and pharmacy benefits. In fact, the prescription cost helps with meeting deductibles. As a result, individuals have access to routine physicals, immunizations, medical screening tests, and baby care with no out-of-pocket costs.
Another great thing about HSA plans is its out-of-pockets cost limit. All HSA health plans have limits on total out-of-pocket costs, which guards individuals and families against big health care expenses. This ensures that medical needs will be met at the most crucial time, which translates to financial security for individuals and families.
HSA is making the medical care system more achievable for all US citizens. While meeting the healthcare needs of 320.09 million Americans through HSA is still a long way from full realization, it is slowly getting there.