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 weâve always done things one way, doesnât necessarily mean there isnât 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 youâve always provided your employees with a particular form of health benefits, doesnât necessarily mean that there isnât 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 âor in some cases improve upon- health coverage for employees, itâs 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).