Two U.S. surveys reveal that health savings accounts (HSAs) are helping both employers and consumers manage healthcare costs.
The 2011 Employer and Account Holder Surveys—commissioned by ACS and conducted by Buck Consultants (both Xerox companies)—suggest that a majority of small-size employers (77%) believe that high-deductible health plans (HDHPs) with an HSA are key in controlling healthcare costs.
Three-quarters of respondents say the ability to control their own health costs is an “extremely” or “very important” benefit of HSAs. The results show that account holders are setting aside more money than they did before they had an HSA to cover potential medical costs (54%). They are also engaging in healthier lifestyle choices (18%), researching preventive care programs (18%), shopping for lower-priced prescription drugs (28%) and planning for healthcare costs better throughout the year (31%).
“This year’s survey results reveal an interesting phenomenon. HSAs are doing more than just saving consumers and employers money; they are prompting a shift in behaviour that is helping employees make better decisions about their own healthcare,” said Tom Hricik, a principal with The ACS ǀ HSA Solution.
Employers also reported that the cost of providing HSA-qualified plans is less than the cost of providing a standard preferred provider organization (PPO). The average direct cost to provide an HDHP/HSA is $5,469 for individual coverage and $9,909 for family coverage. In comparison, the average PPO cost is $7,158 for individuals and $10,691 for family.
Among the surveyed employers, only 6% stated that they are at least very likely to discontinue offering the HSA-qualified plan in the future.