Health Insurance Guide - Health Insurance For Graduate Students Section

What Senator Frist is suggesting is that people with

href=http://www.health--savings--accounts.com>high deductible

health insurance plans and HSAs have incentive to keep their

health costs low, since any money they save on health care

expenses stays in their Health Savings Account, and grows

tax-deferred, like an IRA. Thus there is also incentive for the

consumer to demand information about health care pricing. No

system has yet been devised in the history of mankind that does

more to increase quality and lower prices than a competitive

market system. As more and more consumers begin to own health

savings accounts, health care providers will be forced to

compete for their business by providing better quality service

and better prices.

The other factor in play is the financial motivation the

individual will have to stay healthy. The vast majority of

health care spending today is due to degenerative diseases such

as high blood pressure, diabetes, metabolic syndrome,

cardiovascular disease, and other modern ailments that are

primarily the result of lifestyle choices. The consumer who

wisely spends his HSA dollars on preventative care (which can be

done tax-free) and pays attention to diet and exercise could be

rewarded with a substantial amount of money in their Health

Savings Account by age 65.

Consumer-driven health care has the potential to be a powerful

force of change in the health care system. By instituting

competitive pressures, encouraging greater price transparency,

and rewarding consumers who are proactive about their health,

the growing adoption of Health Savings Accounts will help make

health care more affordable for everyone.

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