Healthcare Industry News > Some small business owners have turned to Health Savings Accounts

Some small business owners have turned to Health Savings Accounts

Because of the high deductible, the premiums are nearly 55% lower than with other types of health insurance policies. The money in the accounts can roll over from year to year and can continue to earn interest. Plus, the money can be used not only to pay for doctors and prescriptions but also for dentist trips, vision check-ups, and even acupuncture thus giving individuals more control over their own health care.

Despite the potential benefits, the end results may not be as satisfactory. According to the Employee Benefit Research Institute and the Commonwealth Fund in New York, consumers who are part of HSAs end up spending a significant amount of out-of-pocket funds on their medical bills and may delay seeking medical attention to avoid those high costs. One family faced a $2,400 deductible and even after meeting that still had to pay $30 per physician visit. That was on top of the premiums being paid by the employer.

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