Morgan Moran Explores the HRA and Health Savings Account Options

Miami, Florida January 11, 2008

Explanation in how certain financial programs work with health insurance programs are very important to Floridians. Be sure you ask your insurance agent or broker what HRA or HSA's are. An informed consumer will make the better choice in choosing the correct individual or group health plan.

Health Savings Account Plan Documents

A Health Savings Account allows employee contributions, and HRAs can only be funded by employers. Core Documents is one of the nation's leading provider of HRA and HSA plan documents ($299).

I think the answer is that the beneficiaries of high-cost medical care don't want it to change.

When you look at who wins in this current environment of high costs, the list includes hospitals, medical insurance companies, malpractice insurance companies and HMOs, among others.

These companies lobby hard in Tallahassee and our nation's capital to keep the status quo because their profit lines will suffer.

Over time, I have seen one growing development that will eventually change the current system: the power of health savings accounts.

Health savings accounts have been implemented to return the health care purchasing power to the patient, not all these other people who are making the profits.

Health savings accounts allow patients to save tax dollars while buying catastrophic insurance with higher deductibles and lower premiums.

The difference is that the patient, not a third party, decides how the first $1,000 is spent, and the patient benefits if the dollars are spent wisely.

Third-party payers only spend wisely when it is their profit dollars that go up in smoke.

Health insurance premiums are increasing two to three times the rate of inflation.

Hospital costs are keeping up with what the market will bear in their prices. Informed consumers can make a choice and make the big difference.

The answer to the high cost of medical care is to return the purchasing power to the people and let them vote with their feet and their dollars as to where they can get the best and most affordable medical care.

Once one medical entity starts to compete with lower prices, other competitors will follow.

Maybe we will get lucky some day and the people in Tallahassee will open the medical market in Florida to true competition and get rid of Certificates of Need for new medical care institutions in Florida.

The status quo does not want real competition or reduction in Florida medical insurance costs. The real question is, what does the American family or individual patient want?

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