Yesterday, the Employee Benefits Research Institute (“EBRI”) issued its annual report on the use of health savings account in the U.S. Here’s the key in the FEHBlog’s view:
“As individuals become more familiar with HSAs, they are more likely to take advantage of the benefits of the account. Account balances are growing over time, enabling longtime account holders to withdraw larger sums when unexpected major health expenses occur and saving and investing for retirement expenses”, said Paul Fronstin, director of EBRI’s Health Research and Education Program and coauthor of the report. “Plan sponsors that value employee financial wellness can work with administrators and advisors to take a long-term view of HSA account balance growth.”
Here is a link to HR Dive’s take on this report.
Earlier this week, CMS announced the appointment of Brad Smith to “serve as Director of the Center for Medicare & Medicaid Innovation at CMS and Senior Advisor to Secretary Azar for Value-Based Transformation.” Becker’s Hospital Review adds that “Mr. Smith, a former Rhodes scholar and Nashville, Tenn.-based entrepreneur, comes to the leadership position after serving as COO of Anthem’s Diversified Business Group. He also co-founded and was CEO of palliative care provider Aspire Health.” Good luck, Mr. Smith.
Health Leaders Media reports that America’s Health Insurance Plans has offered a defense of the value of health plan administrative costs in the U.S.
“Study after study continues to demonstrate the value of innovative solutions brought by the free market. In head-to-head comparisons, the free market continues to be more efficient that government-run systems,” AHIP said.
They cited a MedPAC report which showed that Medicare Advantage plans deliver benefits at 88% of the cost of traditional Medicare, including administrative costs.