Can Health Savings Accounts Bring Down High Healthcare Costs

Health Savings Accounts give people more options for healthcare

, with better benefits than those provided by more conventional health insurance. HSAs allow you to choose a plan that's tailor-made to your financial capabilities and medical needs, as well as specific personal circumstances, which equalizes the playing field for many who are often unable to obtain medical attention due to the high costs of healthcare.

HSAs are used with an insurance policy, which permits the coverage of all costs associated with many expensive medical treatments after you've paid your deductible. You can also take advantage of tax-free withdrawals after you've reached the age of 65, and use the money for medical expenses. This gives the holder of an HSA more possibilities when it comes to healthcare, while creating a market that's conducive to reasonably-priced healthcare.

Affordable healthcare used to be beyond the reach of many average Americans due to the lack of the free market practices, with the insurance policy holder often kept in the dark as to how much his or her treatment actually costs. In turn, the lack of transparency has diminished competition among healthcare providers in the market.

As HSAs become more widespread, resulting in the consumer's newfound ability to choose medical services and healthcare providers based on cost and quality of service, traditional medical care providers and insurers are forced to post prices and compete for business. Once people know how much their healthcare should cost, the overuse of the system will drop, effectively driving down prices across the market.

Health Savings Accounts significantly cut down on out-of-pocket expenses and inadequate insurance coverage, while placing better healthcare within reach of the average American. These accounts create a system which gives the individual better and cheaper healthcare options, while developing an environment that can considerably decrease the costs of healthcare in the country.

by: Carina Smith

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