True insurance protects against catastrophic incidents. This is the kind of insurance that should be carried by all Americans. For all other office visits, lab tests, and prescription drugs, Health Savings Accounts (HSAs) are an important way to pay.
High-deductible insurance combined with HSAs is the key to market-driven healthcare reform. This combination has lowered costs in the employer setting by 7 to 22 percent below traditional insurance. All future plans should encourage the use of HSAs for individuals and employees, as well incorporate them into Medicare and Medicaid programs.
At this time, HSAs, as currently configured, pay each physician or lab on a fee-for-service basis. Patients don’t want to waste money on unnecessary care or inflated prices. Unnecessary tests and procedures are very common in today’s environment. The lack of price transparency in the medical world makes it difficult for patients to find prices for services.
HSA account holders should be allowed to purchase access to healthcare on a fixed-fee, or subscription, basis. These subscriptions would have a set monthly fee for a package of services: primary and preventative care, prescription drugs, and diagnostic tests. Payments to the subscription should not be considered insurance premiums.
When HSAs pay for fixed-fee services, physician groups and facilities would compete to attract other HSA customers. This competition for routine care can keep down costs for higher-priced, non-emergency procedures too. Marketplace competition will transform how health care is delivered.
At MediBid, physicians and facilities from around the world provide affordable and competitive prices to cash-paying patients, individuals and employees alike. Many patients with high-deductible insurance plans find their routine testing and non-emergency procedures on MediBid. All pricing is transparent, so patients can make an informed decision about their own medical care.
Capretta, James. “A Small HAS Fix Could Produce Big Results.” Real Clear Health, 17 Feb 2017. Web. 20 Feb 2017.