Monday, March 28, 2005
HSA coverage improves in The Eagle
[Phyllis Jacobs Griekspoor, "Health accounts get noticed," The Wichita Eagle, 27 March 2005.]
Sunday's article in The Wichita Eagle represents a significant change in the coverage of Health Savings Accounts for the paper. An article on the 13th basically ruled them out and gave the impression that few were interested in the option, but the newer piece relies on statistical data rather than hearsay from insurance companies and the story is quite different:
High-deductible health insurance policies eligible for linking with tax-free savings accounts through a new federal program have attracted more families and low-income people than had been expected, a new study concludes.
Unfortunately, the tail end of the article reverts to downplaying the benefits:
Critics of the plan point to those numbers as evidence that HSA plans won't really work for the average family. With a savings of only $30 a month for a family or $12 for an individual, the premium reduction doesn't even begin to fund the savings account of $1,000 to $2,000 needed to meet the higher deductible, they point out.
And with no coverage of well-child checks, preventive medical exams, tests or prescription drugs until the deductible is met, they say it is unlikely that most people will actually have money left in savings to roll over, even if they fully fund their tax-free account.
While the "critics" are never named, presumably they are the same naysayers quoted in the previous piece. Their statements do not make any more sense this time around, either. For one thing, many employers are choosing to contribute to the accounts of their employees, and some insurance companies now offer "gap" riders that assist new enrollees in covering their deductible while they build up their balance. As well, many insurance companies do cover preventative care and other upfront costs. As the eHealthInsurance study reported on in the article shows, "99.4% of HSA-eligible plans purchased in 2004 included prescription drug benefits."
No one should expect that every news story become an advertisement for HSAs - objective coverage of any new development in health care should be the rule. But as additional proof of the benefits of HSAs surface, hopefully more news outlets will shift away from viewing HSAs as "yet another failure" right from the start.
[Dan Voorhis, "Big trend in health care: Health savings accounts debut in Wichita," The Wichita Eagle, 10 March 2005.]
[Phyllis Jacobs Griekspoor, "Health accounts get noticed," The Wichita Eagle, 27 March 2005.]
Sunday's article in The Wichita Eagle represents a significant change in the coverage of Health Savings Accounts for the paper. An article on the 13th basically ruled them out and gave the impression that few were interested in the option, but the newer piece relies on statistical data rather than hearsay from insurance companies and the story is quite different:
High-deductible health insurance policies eligible for linking with tax-free savings accounts through a new federal program have attracted more families and low-income people than had been expected, a new study concludes.
Unfortunately, the tail end of the article reverts to downplaying the benefits:
Critics of the plan point to those numbers as evidence that HSA plans won't really work for the average family. With a savings of only $30 a month for a family or $12 for an individual, the premium reduction doesn't even begin to fund the savings account of $1,000 to $2,000 needed to meet the higher deductible, they point out.
And with no coverage of well-child checks, preventive medical exams, tests or prescription drugs until the deductible is met, they say it is unlikely that most people will actually have money left in savings to roll over, even if they fully fund their tax-free account.
While the "critics" are never named, presumably they are the same naysayers quoted in the previous piece. Their statements do not make any more sense this time around, either. For one thing, many employers are choosing to contribute to the accounts of their employees, and some insurance companies now offer "gap" riders that assist new enrollees in covering their deductible while they build up their balance. As well, many insurance companies do cover preventative care and other upfront costs. As the eHealthInsurance study reported on in the article shows, "99.4% of HSA-eligible plans purchased in 2004 included prescription drug benefits."
No one should expect that every news story become an advertisement for HSAs - objective coverage of any new development in health care should be the rule. But as additional proof of the benefits of HSAs surface, hopefully more news outlets will shift away from viewing HSAs as "yet another failure" right from the start.
[Dan Voorhis, "Big trend in health care: Health savings accounts debut in Wichita," The Wichita Eagle, 10 March 2005.]
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