When the Affordable Care Act was signed into law four years ago, it seemed poised to deal a death blow to health savings accounts. But that has not been the case nationwide. In fact, HSAs are thriving in the new environment, according to Todd Berkley, president of HSA Consulting Services, who now sees a chance for financial planners to play a “huge role” in a key area of concern to clients.
Here are my predictions for where five trends will take us over the next six years. Why 2020? Because round one of PPACA will be fully implemented by then. We’ll be past the delays, mandate fines will be up to full-scale levels, and carriers will have determined how to price their plans accurately. We’ll be done fighting with the installation of PPACA and will be settled back into serving clients.
Many hospital and health system CEOs are embracing the triple aim of improving the patient experience, improving the health of populations, and reducing the per capita cost of healthcare. A major obstacle in reducing the cost of care lurks in price opacity for healthcare services, and some say that rapid consolidation in the industry is not only not helping reduce the cost of care, it's actually doing the opposite.
The key to bringing down health insurance costs, claims physician Lee Gross, is to divorce basic maintenance from insurance-based catastrophic, palliative, and chronic care. Since “about 90 percent of what most patients need can be accomplished at primary care,” unbundling cheap primary care from expensive catastrophic care would bring healthcare prices “crashing down.” Unbundling is what Gross is doing as president of Epiphany Health, with his model of “concierge care for the little guy.”
Millions May Avoid Obamacare Penalty as Deadline Looms
Obamacare’s requirement that all Americans carry insurance or face penalties may not be much of a rule at all. Millions of people may be exempt from the individual mandate under new rules issued by the Obama administration.