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Will Health Savings Accounts Solve the Health Care Crisis?

By Katherine Kinkela

Perhaps the fastest growing new form of employee benefit arrangements, Health Savings Accounts (HSAs) are an alternative hybrid structure of health coverage. The HSA is a two part arrangement in which participants belong to a health care plan with a high annual deductible that provides insurance coverage for expensive health care procedures and preventative care. The objective of the HSA is to allow eligible individuals who participate in High Deductible Health Plans to contribute to a tax-advantaged savings account on an annual basis an amount equal to their annual deductible, that may be carried over from year to year to cover qualified medical expenses. Contributions to an HSA from employers or individuals are generally tax deductible. In the same way, distributions from an HSA are not included in ordinary income if the amounts are used for reasonable medical expenses. Contributions on behalf of an employee are immediately vested and the HSA program is designed to be portable.

The race is on to see if Health Savings Accounts will change the way that Americans fund health-care services. Starting in 2004, in the for-profit, governmental and not-for-profit-segments as well, many employers began implementing HSAs or educating themselves about the benefits of implementing a HSA program. Service providers are positioning themselves to provide HSA services for the many types of employers likely to implement HSAs in 2006, with added services for employers of small and medium size firms.

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