A Health Savings Account: What More Can You Ask For?

By Dr. Vincent DiLorenzo

John owns a midsized manufacturing plant and has always treated his employees well.  They all have flex time, a whole life insurance policy and a generous retirement plan.  He also boasts of having great health insurance that covers his employees from head to toe.  Yet in spite of all these “perks”, John still has more than his share of employee absenteeism and days of low productivity.

Looking for a solution

Richard, also a mid sized employer, gives his employees similar benefits but seems to be blessed with a workforce that is always on the job and very productive.  When asked about the secret of his success, Richard states, “About a year ago, I felt we needed a change in our health insurance.  The premiums were getting too high and I looked for alternatives.  I had heard about Health Savings Accounts and decided to check them out. That was the best thing I ever did.”
 
Health Savings Accounts are an up and coming type of health insurance that combines a high deductible major medical health insurance plan with an attached savings account.  The insurance portion offers coverage for catastrophic expenses in case they are ever needed. The money placed in the savings account accrues tax deferred and can be used for many services that normally may not be covered by traditional medical insurance.

Finding the right answers

“I asked my agent about these plans and he really didn’t know too much about them”, said Richard.  “Luckily I found an agent who had certification in Health Savings Accounts”, continues Richard.  “Not only did he show me how much money I could save on premiums, but at the same time how I could provide my employees with a health plan that promoted healthy lifestyles.  That made a lot of sense to me.”

Richard’s story is not unusual. More and more employers, both big and small, are turning to Health Savings Accounts and other forms of Consumer Driven Health Insurance solutions to address the ever growing crisis in healthcare cost containment.  Not only does this form of health insurance lower premiums, but it also encourages people to become healthier.  That is the key.  Healthier people don’t get sick as much; they go to work more often and utilize less insurance.

Taking charge over healthcare decisions

Health Savings Accounts allow people to take charge of their own healthcare decisions and seek health promoting services such dental, chiropractic, acupuncture and vision, among others.  Therapies not normally covered by traditional insurance now become available without emptying the pocketbook. 

Take for example Rachel, a sales manager at a New York investment firm.  “I really resented the fact that chiropractic visits were not covered by my insurance”, she says, “So I decided not to have any treatment.  When my employer offered Health Savings Accounts as an option, I jumped at it”.  Rachel goes on to say, “I now can go to my chiropractor and pay him with my savings account debit card. It is very convenient”.

A great way to pay for dental expenses

Health Savings Accounts also contribute to wellness by allowing subscribers to pay for needed dental work.   Everyone knows how expensive dental treatment can be.  Due to the fact that dental insurance is grossly inadequate and medical insurance doesn’t even cover dentistry, many individuals find it unaffordable and wind up not getting necessary dental procedures performed at all.

Poor dental health contributes to a variety of ailments including headaches, poor digestion, facial pain, inadequate nutrition, obesity, heart disease and dental emergencies.  This all adds up to excessive absenteeism and presenteeism at work.  Maintaining good oral health is essential in achieving good overall health.  A first-rate health insurance plan should not ignore the dental needs of the population.  Fortunately, Health Savings Accounts allow for dentistry as an eligible expense thus positively impacting workplace productivity.

Richard says, “I am so pleased with my decision to go with Health Savings Accounts.  I am saving a lot of money on my premiums, have a lot of tax benefits and my employees are happy and do their jobs.  What more can I ask for?”

Reference Box:

Dr. Vincent DiLorenzo, President of T-Horizons, LLC,   specializes in Health Savings Accounts and Consumer Driven Health Care Solutions for families, individuals and employers by encouraging healthy lifestyles to lower healthcare costs at home and the workplace. Learn more => www.t-horizons.com