Health Savings Accounts Put You in Control of Your Healthcare

Health Savings Accounts Put You in Control of Your Healthcare

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Health Savings Accounts Put You in Control of Your Healthcare

As the popularity of health savings accounts grows, there is a growing concern among those seeking to nationalize health care that they will not be able to put a cat back in their bag. There are already more than 3 million HSA owners, and the Treasury Department estimates that by 2010, HSA plans will cover up to 45 million Americans. They will have billions of dollars invested to cover future medical expenses, and by then it will be politically impossible to recoup these benefits.

If you currently have a high-deductible health insurance plan, you can invest your tax-free money in a Health Savings Account. You can choose the type of investment – from savings accounts or money market funds to a full brokerage house. If you invest wisely, you may have more than $ 500,000 in your account when you retire. You will be able to use this money to pay for health care in any way, without tax. You can go to the best surgeons or the cheapest doctor in the box. If you choose to treat the condition with acupuncture, homeopathy, or mental healers, you can do so. Whoever offers you the service you need with the best combination of quality and price should bring your business. And since you pay, it will be entirely your choice. You have the freedom of health care.

If the supporters of the single payer system ever got in the way, you would be at the mercy of a government bureaucrat when it comes to your healthcare. To see what this might look like, just look at the state of healthcare in Canada, England, New Zealand and those parts of Europe that have yet to opt for healthcare systems. one payer.

Single-paying supporters tend to point to Canada or England as countries that provide high-quality health care to all their citizens while spending less money per person than the United States. However, if we look a little closer, we can see that publicly funded health insurance systems are failing, quality is low, and costs can be quite high. Here’s what Canadians should treat if they need medical care:

• Long wait. Hundreds of Canadians travel to Detroit and other U.S. cities each year for treatments such as CT scans that can be obtained in a few days. In Canada, the waiting time is usually six months. Today, 876,000 Canadians are on medical waiting lists.

• Difficulties in carrying out procedures to improve the quality of life. If a Canadian has a heart attack, he will be cured immediately. But if the operation is considered “elective” (meaning the possible death is not significant), the wait could be months or years. The average waiting time for cataract removal is 18 months. The average waiting time for a knee replacement is one year.

• Increased risk of death. The average Canadian waits eight weeks for a specialist appointment and another nine weeks before treatment. This also applies to medical conditions that are likely to deteriorate significantly if treatment is delayed. For example, the average time of a mastectomy is 14 weeks, which is enough time for the cancer to spread to other parts of the body. In fact, 28% of people diagnosed with breast cancer in Canada die from it, while the death rate in the United States is only 25%.

Things are not improving abroad. Each year, the UK National Health Service cancels 410,000 operations due to lack of resources. According to the Sunday Times in London, more than a million Britons are now waiting for a planned operation. Thomas Cook, a UK travel agent, is even considering offering package tours in Indian hospitals to British citizens who are fed by low standards and long waiting times for surgery.

The British and Canadian governments have the right to make health care “free” but cannot control its cost. So costs become longer (and potentially fatal) delays and fewer innovations.

No wonder you’re thinking about what’s going on. Widespread health insurance systems always encourage patients to overconsume, and such over-consumption always leads to financial crises. The result is inevitably broken promises of universal access and high quality care. As resources are always limited, single-payer systems tend to be redundant for primary care for healthy people while denying more expensive specialist care to those with severe health problems. This is because many people (voters) are strong most of the time, and the sick and death are less likely to organize in political power.

What makes the United States such a great country are the “freedoms” we enjoy. While our freedoms appear to be under constant attack, there is still no nation in the world with freedom of the press, freedom of religion, freedom of association, or the free market. which we have in the United States. As anyone who understands even a little economy knows, free markets encourage competition and innovation, leading to lower prices and better quality.

While the U.S. healthcare system cannot be considered a “free market,” it is certainly much freer than any single payer system. Some of the benefits we see as a result of our current healthcare system include:

• U.S. medicine produces the best results for almost every patient, from premature babies to elderly cancer patients.
• American companies are the world’s leading source of new therapies and procedures that save millions of lives each year.
• U.S. medical training and research facilities are the best in the world.

Although Canadians can wait a year or two for hip replacement surgery, they can do the same surgery on their dog in less than a week. This is because veterinarians are competing for this company, and finding innovative ways to deliver services faster and cheaper. Another example is laser eye surgery, a procedure that is rarely covered by insurance, so laser surgeons have to compete on cost and quality. While the cost of most medical procedures is increasing year after year, the cost of the procedure has decreased by 80% over the last decade.

Unfortunately, U.S. health policy still restricts competition, restricts consumer freedom of choice, and discourages consumers from buying value. Consequently, there is too little choice and little attention has been paid to price and quality of service. The answer is, of course, no more government intervention, but allowing the competition and market power to lower prices and increase quality and access to care.

Health savings accounts are the solution

There is a growing awareness that health insurance payers are, in fact, the leading cause of rising medical costs and declining quality of service. The growing adoption of HSA plans has already begun to generate greater transparency and competition in the medical market. Today there are doctors on the phone, medical kiosks that open in shopping malls, doctors who only take money (and charge much less), and others compete directly for consumer health care dollars.

Don’t be fooled by politicians who support a single payer system by saying that their only concern is the uninsured. If one body (such as government bureaucracy) controls health care, it controls one in seven of the national economy. Everywhere in the world, this central control of the economy has been attempted, which has been a colossal failure.

As individual choice-focused public policy reforms continue to gain wider ground, the result will be more prosperity, more choice and better value for all. The culture of dependence and emancipation will begin to fade as millions of individuals call for more political reforms that restore the values ​​of freedom and personal responsibility that helped establish this great nation.

As more and more consumers turn to health savings accounts, the market will respond. Innovative providers will begin to compete more on price and quality of service, and those that provide the best value will make a profit. All consumers will benefit from this.

 

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kang digi is a freelance blogger, writer and a little bit web developer.