| |
| |
|
Mahavir Information |
| ||||||||
|
Consumer Directed Health Plans
Most of you have heard about "consumer directed health plans". The Bush administration has been a strong supporter of this concept as a way to get a handle on soaring healthcare costs. The recent inaugeration of Mr. Bush signals that consumer directed health plans will increasingly make up a larger percentage of group medical plans over the next several years. In the past, consumer directed plan designs have taken on many forms: Medical Savings Accounts (MSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs). Many experts consider HRAs and HSAs to be the first generation of viable consumer directed health care products. HRAs are typically paired with a high-deductible health plan and are employer-funded Section 105 defined contribution plans. HSAs are the latest version of consumer directed health care plans. The core components of HSAs include a high deductible insurance product and a cash spending account. HSAs combine the pre-tax treatment of a FSA, the portability and roll-over characteristics of a 401(k), and the tax-free distributions of a Roth IRA. One of the main goals of any consumer directed health plan should be to get the consumer more involved in both the cost and statistical outcomes of certain healthcare procedures. Informed healthcare consumers will make wise healthcare decisions and typically these decisions will result in both lower costs and improved quality. Although the advantages of HRAs and HSAs can be substantial, employers will want to do their homework prior to setting them up. Effective implementation will require a clear understanding of the consumer directed healthcare plan that best fits your organization as well as the administrative requirements. Employee education will be essential. Companies will also need to look into how the creation of a HSA or HRA may affect their HIPAA medical privacy compliance requirements. Just like most endeavors, the successful implementation of a HSA or HRA will greatly depend on how much research your organization does on the pro's and con's of each alternative. The type of consumer directed health plan that best fits your company will depend on a combination of your corporate structure as well as the overall objectives of your group health insurance plan. Although consumer directed healthcare plans are becoming very familiar to human resource managers and other benefit professionals, remember that your employees and their dependents will need a substantial amount of education and communication. Michael Ertel is the President of Ertel & Company ( http://www.ertelandcompany.com ) and has over 15 years of experience in the health insurance business. He is the founder of http://www.MedicalInsuranceNow.com which is an internet based service that assists individuals, families, and small business owners by providing side by side comparisons of health insurance alternatives and the convenience of applying for health coverage online.
MORE RESOURCES:
Acne - Google News |
|
|
|
RELATED ARTICLES
Life Insurance: Why Theres No Need to be a Desperate Housewife Life insurance looks set to make a comeback in the UK, after a period of neglect by consumers who were simply occupied with affording a home. The stabilising of the UK house market has made many consumers take a broader view to their personal finances. Life Insurance, the Universe, and Everything You may have noticed that life insurance is coming back into fashion. It's true that it may not be the financial term on everybody's lips, but sales of life insurance have been going up, according to the Association of British Insurers. Understanding How Your Credit History May Affect Your Car Insurance Coverage Many personal auto insurance companies consider your credit information when determining how much premium to charge for your insurance. So if you are calling around for new insurance, keep in mind that many insurers are looking at your credit history. Insure Your House When we talk about insurance the thing you have to remember is that always the price of your house must be higher then the value of the mortgage. This is not a hard thing to take care of if you like your house and care about the quality of your life. What Do You Mean My Auto Insurance Policy Doesnt Cover This!! Auto insurance is an agreement between you and your insurance company where you arrange to pay a premium in an exchange for the peace of mind that your insurance agency will pay for vehicle related financial losses during the duration of the policy. You need auto insurance because you are liable by law to pay for losses you cause to others in the event of an automobile accident. Is Your Financial Security at Risk? The topic of insurance is not sexy by any means. Perhaps that's why so many people avoid addressing it. CarInsurance.com Is Available At All Dealerships With Internet Access! You are ready to buy your first car. Researching the right vehicle can be a daunting task. Credit Card Insurance A word of warning about Credit card repayment protection schemesThe people who sell you the policy and who take out your monthly payment for 'card protection' are not always (in fact, often aren't) the people who you will be dealing with in the event of a claim.So be careful. Internet Insurance Leads It is a fact that more and more people everyday use the Internet to get insurance coverage. The number of online customers is massive compared to "traditional" business, and it is increasing day after day. Taking The Mystery Out Of Long-Term Care Insurance Here's the good news: with improvements in medical technology and healthier lifestyles, people are living longer. Life expectancy today has increased to 83 years, up from 78 years in 1940 (The Shopper's Guide to Long-term Care Insurance from the National Association of Insurance Commissioners). Terrorism Insurance - What it Costs Small Business The Terrorism Insurance Act of Nov. 26, 2002. Vehicle Insurance Online is a Convenient Way to Get Insurance Cheap Online comparison shopping is a convenient way to get cheap insurance for your auto. For the last few years, insurance companies have been dropping their premiums annually because of lower accident rates and increased competition. Business Insurance; Information you will need When you start a small business you will need to have insurance. You would be wise to shop around. Terrorism: Acts of Terrorism: When Will Insurance Respond? Insurance policies provide financial protection in a broad range of circumstances but each type of product specifies certain situations where the policy will not respond. These vary from one type of product to another, and can vary in detail between one insurer and another. The Many Benefits of Travel Protection Plans Many people purchase insurance thinking I want full coverage and once I get it I will be covered for every event that may befall my vehicle. But then they begin to question if every type of incident is covered with full coverage. Individual or Family Health Insurance Options As more and more individuals working at home with or without families find themselves without some kind of group health insurance. Sometimes even working at a job, no health insurance is even offered. Long Term Care and Long Term Care Insurance A person might need long term care (LTC) if he/she cannot perform activities of daily living such as eating, taking shower or getting dressed by him/herself anymore. Certain disease can also make long term care necessary. Gain An Advantage Over Your Competition By Controlling The Cost Of Your Health Insurance As many of us expect, the New Year will bring both tremendous challenges and opportunities for all of us both personally and professionally. Employers continue to face the major challenge of controlling the cost of their health insurance and other employee benefit programs. A Life Insurance Quote Became Reality Life insurance quoteThank goodness John took his life insurance quote seriously. It didn't prevent our daughters from wishing he were still here but thanks to his foresight they and I still have the things he worked for because he turned that life insurance quote into a policy before his untimely death. How Does Credit History Affect Car Insurance Rates? Many personal car insurance companies consider your credit information when determining how much premium to charge for your insurance. So if you are calling around for new car insurance, keep in mind that many insurers are looking at your credit history to determine your car insurance rates.
|
||||||||||||||||||
| Home | Site Map Copy Right 2006 Mahavir.com |
| NISL | Herbal Acne Solutions | Promotion Factory | Web Design | Online University Degree | College & University | GtpInfo | VPayU |
