Healthcare Industry News > Employers offer Health Savings Accounts

Employers offer Health Savings Accounts

Health Savings Accounts (HSAs) are one of the most popular benefit options being offered to employees through their employers this year and about five million people have signed up for the accounts since they were implemented in 2003.  However, research shows that when employers offer HSAs alongside traditional insurance plans, most workers stick with what they know instead of opting for the HSA.  Some economists agree with their decision.

University of Minnesota health economist Steve Parente believes employers are not pricing the HSAs appropriately considering the amount of savings they offer them and the high deductibles. Parente says, “"I look at the premiums and I just scratch my head. This should be a lot lower, it just doesn't make sense.” At Minnesota Public Radio where HSAs have recently become an option, the deductible for the plan is $3,000 but MPR kicks in a $500 contribution to get the employee started.  That means employees must cover $2,500 in medical expenses to reap any types of benefits from their insurance plans.  Workers for other businesses offering similar HAS plans don’t think they make sense for single people or for families who have a lot of health problems.

Read Original Story on www.minnesota.publicradio.org 

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