Health Savings Account Analysis

The employee is supposed to engage in an employee-driven health plan where the worker has a chance to contribute towards their personal health accounts. The raised money is used to cater for their health. This eases the employer from possible extra expenses, compared to when the employer contributes solely (Kerzner, 2013).

Health care coverage can be obtained from many different sources. The most common source is through employer-based insurance. The coverage offered to employees through a group health plan can benefit the employees as well as the business. According to Small Business Majority (2017), purchasing a group policy will allow the employees to have better access to care, which results in healthier employees. In addition, being more affordable and having the sense that medical expenses would not be as expensive if they did not have insurance (Small Business Majority, 2017). Finally, tax benefits that businesses may receive for paying at least half of the employee's premiums, according to Small Business Majority (2017). These benefits assist in creating a healthier atmosphere in a business.

Price recommends that individuals currently covered by a government provided health program should contribute to their insurance plans through health savings accounts. Proponents of this policy argue that it will hold consumers to be more responsible when seeking healthcare services. Opponents argue that while it might decrease the growth of health care costs, it will worsen health care outcomes.

I currently work for a hospital which is part of an academic medical center. It offers 3 health plan options to choose from. The first is the hospitals own medical plan which which is has features of an EPO, and can be categorized as a CDHP (Consumer Driven Health Plan). It has a higher monthly cost, but lower out-of-pocket costs when care is needed. It has a large network of providers including the hospital, and a network of providers who have partnered with the institution. You are not required to have a PCP, but it is recommended, you must use in-network providers, it has a HIA (Health Incentive Account) with wellness incentive funds available for members. The second is a POS plan from one of the larger Insurance companies with 2 tiers of in-network providers, lowest monthly cost, but a higher out-of-pocket cost when care is needed, until you meet the annual deductible amount. This has a Health Savings Account (HSA) attached, and you can have tax deductible contributions go to the fund, and wellness incentives funds can be deposited into the HSA. The third is an HMO plan with the highest monthly cost, but a lower out-of-pocket cost compared to the POS plan when care is needed. It also has an HIA attached as well.

A highly motivated and dedicated analyst with over two years’ experience in start-up Research Office at Huron Consulting Group. Working on developing Medicare Coverage Analysis (MCA) and study budgets for clinical research protocols in various therapeutic areas such as oncology, cardiology, pediatrics, and internal medicine for multiple clients across the country. A meticulous eye for detail in assisting clients with mitigating clinical research billing compliance risks, by interpreting and applying Medicare/Medicaid coverage decisions and national care guidelines to determine correct billing to insurance providers and research study sponsors. A confident communicator with an emphasis on utilizing the strengths of colleagues and creating an

Obamacare is not universal healthcare. The United States actually has an extension of health insurance coverage that is the program we all call Obamacare. This extension of health insurance coverage is expected to cover an additional 26 million people by 2024. In understanding this concept, what we need to understand fully is that the United States does not have universal coverage. Obamacare does not eliminate uninsurance in America; instead, it cuts the number of people lacking coverage about in half. Even after Obamacare is fully implemented, budget forecasters still expect that 31 million Americans will lack insurance coverage which is a bigger group than the people buying coverage on the exchanges (Vox.com).

The changing landscape of the current health care system in the United States has caused new methods of insurance to gain in popularity. The High-deductible health plan (HDHP) is increasingly favored by employers and offered on the exchanges created under the Affordable Care Act (ACA). According to the Centers for Medicare & Medicaid Services (CMS) a HDHP is “a plan that features higher deductibles than traditional insurance plans. High deductible health plans (HDHPs) can be combined with a health savings account or a health reimbursement arrangement” (2015). In the HDHPs premiums are lower, offset by the higher deductible. The health reimbursement arrangement (HRA) the employer contributes to a fund for medical expenses while in the health savings account (HSA) which employees pay into but is not required of the employer (Shi & Singh, 2012, p. 208). The growing popularity of these plans is important as it will have effects on the healthcare costs as well as how consumers use healthcare.

Overview: Medicare – passed into law in 1965 – is the federal health insurance program designed for Americans over the age of 65 and certain people with disabilities. Medicare Part A covers inpatient hospital services. Medicare Part B covers physician and outpatient care. Medicare Part D is the prescription drug benefit. Medigap is a supplemental insurance for individuals with Parts A and B, sold through private insurance.

One benefits of having a HSA plan is that anyone can get a plan. As long as your employer offers a HSA qualifying insurance policy you can get a HSA. Another benefit is they are tax deductible which is $3400 for single people and $6750 for married or head of household. Plus, the money you put on your HSA grows so you can use it for any health issues. There is also the advantage of getting access to the money right away from your HSA card and the money is tax free on some medical expenses. An HSA card can also be away of having some sort of retirement because when you turn 59 ½ withdraw the money for any purpose. But if you do this you do have to pay taxes on

When I joined Exceptional Healthcare, we were operating at a loss. Operations were being financed with loans. The Board member briefed me on the situation and requested I identify the problem. First, I reviewed all the company expenses, and there was no expense to reduce, so I had to analyze the company’s revenue. I started by categorizing all patient visits by the payer (insurance companies) and by CPT codes (Type of visit/ procedure performed) to determine the reimbursement rates. Using my healthcare finance experience, I compared our reimbursement rates with other clinics in similar market/ business and noticed that ours were $500 to $800 lower. Then I audited the patient charts from the clinic to the billing company and discovered several

Linda J. Blumberg has a diverse opinion about health savings accounts. She demonstrates that those accounts could be beneficial only for high-income customers. She states that “The GAO analysis found that the average adjusted gross income of HAS participants was about $139,000 in 2005, compared with $57,000 for all other

Beginning in the 1970s, Medicare beneficiaries have been able to choose to receive their Medicare benefits through a private health plan instead of through the federally managed fee-for-service program. In 2003, the Medicare Modernization Act termed this option “Medicare Advantage.” In 2015, 31% of Medicare beneficiaries were enrolled in a Medicare Advantage Plan, although enrollment rates vary greatly by state and locale.

Health reform strives to provide health insurance to those who are uninsured, have a pre-existing condition and are denied by healthcare plans, and/or people who cannot afford health care insurance due to the high premiums. Furthermore, health reform provides tax breaks to small businesses so that they can afford insurance to their employees, free coverage for prevention services such as vaccines and screenings, assistance with drug coverage for Medicare patients, and providing insurance options for individuals so that a healthcare plan will fit their needs.

HSAs provide flexibility in both the source of and payment of contributions and they also provide tax incentives (Sedhom, 2008). An individual may make deposits into the account or an employer may make contributions as well. In fact, many employers who do not offer medical plans welcome HSAs as a tool to offer the employee health coverage while avoiding the administrative hassles of traditional health plans (Sedhom, 2008). Hence, HSAs are great for employees who desire an alternative investment choice and are savvy savers (Sedhom,

Flexible spending accounts have pros and cons that a company should be aware of and note before they decide if it is a benefit they can offer. Employees may like this type of benefit as it will lower the amount of income taxes they have to pay because a deduction is taken from their paycheck. Businesses have to pay taxes on employee wages, and by offering this benefit, the business is able