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1. clark5080
   Member Profile

   

   I just read this article and sounds good to me much better than what is being talked about now

   http://online.wsj.com/article/SB10001424052970204251404574342170072865070.html

   Jim

   Posted 2 years ago #         

2. lizru
   Member Profile

   This plan being proposed is the Libertarian perspective. The folks it doesn't work for are anyone who needs a lot of access to heathcare: people with small children, people with chronic illnesses.

   It's an interesting plan, but no other industrialized nation has adopted this plan. The great part: a health savings plan where the $$ invested rolls over each year and become yours to spend however you like at age 65 is a huge improvement over "use it or lose it" plans.

   Posted 2 years ago #         

3. JoB
   Member Profile

   did you notice that this plan really only covers catastrophic health care?

   We know that the availability of preventative health care lowers lifetime health care costs per individual.

   and it appears that preventative health care increases longevity since those industrialized countries who have preventative care as the backbone of their medical system have better longevity rates than we do. Most developed countries have better longevity rates than we do.

   So.. it appears this health care reform proposal would be a bonanza for insurance companies by lowering payouts but maybe not so great for individuals....

   unfortunately, people, not insurance companies require health care.

   there is one facet of this program that is worthwhile though.. the ability to roll over the balance in health savings accounts to the following year... but only if the accumulated dollars were available for use at any time.

   That would actually be helpful for those medical needs exceed the limits of their medical and dental insurance... like those who need extensive dental work.

   Posted 2 years ago #         

4. clark5080
   Member Profile

   

   you would use the money in the saving's account for the deductible then the insurance policy would kick in.

   Money not spent in one year rolls over to the next and grows over time. Our team members therefore spend their own health-care dollars until the annual deductible is covered (about $2,500) and the insurance plan kicks in. This creates incentives to spend the first $2,500 more carefully. Our plan's costs are much lower than typical health insurance, while providing a very high degree of worker satisfaction."

   Posted 2 years ago #         

5. JoB
   Member Profile

   clark5080..

   we chose a similar plan at hubby's work.

   There are problems with it.

   The first is that you have to have a FlexBen type acct to cover the deductible... or you pay it out of pocket. This year due to a glitch we are paying out of pocket.

   If you add the cost of the Flex Ben to the cost of the insurance policy you quickly find that if you have any medical costs you spend more out of pocket.. not less than comparable coverage with standard co-pays.

   I know. i did the math and we have already outspent possible increased premiums for better coverage at less than the half year mark... and we still pay a portion of every medical expense.

   We have spent a fairly large chunk of change in out of pocket costs to cover pretty basic medical and dental care... we're not talking dental appliances here or cosmetic care... just basic dental care.

   Assuming you put the money in your felx ben health savings acct... if you spend the flex ben on your health insurance deductible it isn't really available for things that aren't covered.. like dental work.

   Right now most accts don't roll over so if you save it to use in case you need medical care, you have to find a way to spend it before the end of the year or you lose it. AND.. you had best have good documentation because even when you use the credit card provided at medical establishments you are still likely to have to prove the expenditures were medical at the end of the year.

   As for that money rolling over into a mythical pot of gold for medical care in your golden years.. that's not really so practical.

   If you don't engage in preventative care, you miss medical problems that could be handled relatively inexpensively.. and if you use preventative care the number of tests that are recommended increase as you age...

   That colonoscopy they recommend at 50 is not inexpensive.. nor are mammograms.. or...

   The less expensive route for handling routine problems like high blood pressure and heart & stroke prevention and chronic pain and diabetes and... aren't cheap.

   You would be paying for all of that out of your health savings account.

   Even if you think you are perfectly healthy this is not likely to be the deal you think... and it really isn't a deal if you find yourself needing medication or therapy to control health conditions.

   Don't forget.. even runners get heart attacks... and athletes are all at higher risk for the kind of injury that often requires surgery and prolonged therapy for recovery.

   There is a reason a publication that caters to business and has a vested interest in one of the fastest growing industries in the United States is publishing this option.. and it isn't because it is good for consumers.

   Even if the money in your health savings account accrued.. it is still your money. You may be saving the cost of taxes... if that account remains tax free... but you don't have the use of the money for investment either... and you don't gain compound interest on the dollars that accrue over time.

   it's another captive account... and we all know how well those captive retirement dollars have done.

   I am still waiting for the day that the balance in ours exceeds that which we invested once again... not yet:(

   Doesn't look like such a good deal to me...

   Posted 2 years ago #         

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