Law Practice Management and Technology

The Bottom Line Volume 37, No 2 April 2016

Health Savings Accounts: Forward Thinking Companies Are Making the Change to Consumer Driven Health Plans (And You Probably Should Too!)

By Steven Driss

Just because we’ve always done things one way, doesn’t necessarily mean there isn’t a better way. The long defunct Pony Express comes immediately to mind. As soon as a better way of delivering mail was available, we not only adapted, but demanded it. In many regards, the same philosophy can be applied when talking about health insurance. It has evolved with the times to meet the changing needs and demands of consumers. From paying for medical care out of pocket, to HMOs to PPOs, health insurance policies have had to evolve or else become extinct.

In a similar way, as a business owner, just because you’ve always provided your employees with a particular form of health benefits, doesn’t necessarily mean that there isn’t a better way. However, reluctance to change is understandable; particularly when it comes to something as confusing as health insurance. But, when the change will result in saving money, while continuing to provide –or in some cases improve upon- health coverage for employees, it’s rather shortsighted to refuse to consider the change.

The most recent notable opportunity for businesses to save money, while still providing the same quality of benefits to employees has emerged in the form of Consumer Driven Health Plans (CDHPs). Of those sorts of policies, the most revolutionary is certainly the advent of Health Savings Accounts (HSAs).

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