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Health economics - Essay Example

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Health Savings Accounts (HSAs) Health Savings Accounts (HSAs) is one of the newest and currently most important forms of consumer-driven health plans. The Medicare Modernization Act of 2003 authorized the establishment of the Health Savings Accounts (US Department of the Treasury, 2012)…
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Health economics
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Download file to see previous pages... Nevertheless, all patients must pay small and medium medical expenses on their own that includes all the deductibles below $1,000 for singles and $2,000 for families. However, for major illness and high cost care high deductible that are more than $1,000 apply. Most conveniently, the Health Savings Accounts allows patients to pay these expenses either out of pocket or from the HAS savings account (Petigara & Anderson, 2008). Additionally, where the medical care does not exhaust the Health Savings Accounts, the savings proceed to the next year and all earnings from the savings are exempt from federal taxes. In addition, all contributions to the Health Savings Accounts are exempt from federal income taxes (Getzen, 2010). Most, significantly is the fact that either the person or employer can finance the Health Savings Accounts with amounts less than or equal to the deductible. However, the contribution by employer or government is limited to a fixed dollar amount. Indeed the Health Savings Accounts has distinct characteristics that include providing healthcare to the uninsured to pay out-of-pocket costs. Uniquely, HSA funds roll over from year-to-year and employees can confidently take the account with them upon changing employers (America's Health Insurance Plans, 2012). In addition, the account provides a comprehensive health insurance plan and guarantees tax-deferred funds for qualified medical expenses. Similarly, the account guarantees quality medical care for patients of all health conditions, different ages, and socioeconomic backgrounds. Furthermore, the account enjoys tax benefits for withdrawals and high-deductible plans. Additionally, all deposits to the HSA accrue by April 15 and are usable for long-term-care insurance-premiums. Indeed, the uniqueness of the Health Savings Accounts, allows for differences with other traditional kinds of health insurance. For example, unlike other traditional kinds of health insurance that allow the use of deposits for health care premiums, HSA only allows long-term-care insurance-premiums. Additionally, other health insurance plans do not allow for funds roll over from year-to-year as HSA does. At the same time, in other health insurance plans savings stays with the company if the employee changes jobs unlike in HSA where employees take s the savings with them to the new employer. Moreover, unlike in the HSA where the employee, employer and the government are at liberty to finance the account, other health insurance plans restricts funding to employers only. At the same time, where HSA limits health care services to high-deductibles plans, other traditional health insurance plans have no limitations. Most significantly while HSA is for all health conditions, different ages, and socioeconomic backgrounds, some traditional health insurance plans like Medical savings accounts limits their coverage to the self-employed persons. Finally, where withdrawals and high-deductible plans enjoy tax benefits in HSA (Getzen, 2010), other health insurance plans do not have this advantage. As such, HSA attracted various pros and cons in relation to economic principles and effectiveness. Notably, HSA allows consumers to enjoy tax benefits on contributions and withdrawals. Indeed, earnings, interest, and dividends are exempt from tax. This is significant in allowing earnings to earnings to gain interest on a tax-benefit platform. More so, HSA has no limitations to contributors and ...Download file to see next pagesRead More
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