Created in 2004 in order to help lower health care costs, health savings accounts have recently gained traction. More employers are moving to consumer driven health care plans, according to industry sources, and offering the tax-advantaged HSAs in conjunction with high-deductible health plans.
Avidia recently announced a new partnership with Alegeus Technologies, driven by their desire to continue to enhance and grow their existing HSA program. By leveraging the Alegeus HSA platform, Avidia is able to deliver a best-in-class HSA solution to market – giving them clear points of differentiation relative to competition, and enabling them to win new customers
Several studies have emerged highlighting that many Americans are in danger of facing financial shortfalls during their retirement years. From not saving enough, to dipping into their retirement accounts during periods of hardship, a large number of workers from all age groups and demographics are likely to enter their golden years without sufficient savings.
National healthcare expenditures reached nearly $3 trillion in 2013 – up from $2.6 trillion in 2010. This staggering figure, predicted to reach $4.6 trillion by 2020, has captured the awareness of the entire nation. Consumer directed healthcare (CDH) was conceived more than a decade ago, as a mechanism for controlling healthcare costs. The premise of CDH was simple, if consumers are made more accountable for the cost of their healthcare, then they will become more responsible healthcare consumers – and overall healthcare costs will decrease.
Employers have long pondered how to get their workforce more engaged and involved with their employer-sponsored health plans. Research demonstrates that employees who are knowledgeable and educated in their health programs are more likely to seek out ways to better manage costs and make more meaningful lifestyle choices that may reduce future health costs. Health savings accounts - paired with high-deductible health plans - have become increasingly popular over the years, as they allow accountholders to better cover their out-of-pocket costs. However, new research shows that in addition to providing tax-advantaged benefits to workers, they may also be instrumental in helping them control their spending.
The push toward consumer-driven health plans is in full swing, with one of the driving elements being workers' access to the health savings accounts (HSAs) that are combined with high-deductible health plans (HDHPs). In fact, new research reveals that HSA enrollment continues to break new records, particularly as Americans come to regard them as both an immediate money-saving tool as well as a potential retirement savings vehicle.