- Posted: 6:03 AM, May 16, 2012
According to Rand's new study , "high-deductible plans coupled with health savings accounts reduced spending by a greater amount than other types of high-deductible plans. Health savings accounts can be used to pay insurance deductibles and co-pays, and account balances can be carried from year to year and taken from job to job."
"The study authors estimate that widespread adoption of HSAs could reduce overall health costs by as much as $57 billion.... This makes perfect sense. People are much more careful shoppers when their own money is on the line.
"In my own practice, I’ve counseled many patients with HSAs deciding between, say, an ultrasound or a CT scan for their condition. We discuss the relative costs, accuracy, and disadvantages of each option, but the final decision is always theirs. I’ve been consistently impressed with my patients’ ability to make appropriate decisions about their medical spending. Patients can shop prudently for health care just as they do for cars or big-screen televisions."
Spending your own money on healthcare makes the price go down and there's not much difference in terms of how well you take care of yourself? Now that's a market-driven, individual-controlled solution that lots of Americans could embrace. President Obama wouldn't of course but maybe the folks in Congress who are going to have to come up with something else besides Obamacare will.