Consumer Driven Health Care Conference

Consumer Driven Health Care Conference

Consumer Driven Health Care Conference

The escalating health-care cost has made better quality medical facilities beyond the reach of many in the United States. Plus, the rising costs of health insurance premiums are exacerbating the health-care crisis. Since most of the employees are covered by employers provided heath insurance, the increasing heath insurance cost is also having a negative effect on the labor market. The heath-care reform is not expected to solve all the problems. In recent years, consumer driven health care is fast gaining significance, and some see this approach as one of the solutions to resolve heath-care crisis.

Consumer driven heath care is an insurance and healthcare management system that gives consumers more control in the use of their health-care money. This health care system allows employers to create accounts for employees, so that they can pay for their health care without involving third parties. Consumers have more power to make direct choices regarding their health-care plan. In addition, they may become better educated about their choices, and also the economic purchasing power is in their hands.

Typically, consumer driven health care plans include Health Care Reimbursement Account (HCRA); Medical Savings Account (MSA); Health Savings Accounts (HSAs); Flexible Spending Accounts (FSAs). However, these plans have their own benefits and disadvantages, and one need to carefully evaluate before choosing the right consumer-driven health plan.

HCRA allow employees to use employer contributions only for medical expenses or to pay health insurance premiums, while FSAs enable employees to substantially reduce their income tax liability via salary reduction. Also, they can contribute a part of their salary to a health care expenses account. MSA allows year-to-year rollovers, and is controlled by the individual. It pays for regular health-care services. In HSAs, both employee and employer can contribute in the same year; also the account can be established by an individual, or can be employer sponsored.

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