What COVID-19 Can Teach Us About Healthcare

Most of us will not debate the fact our Healthcare system is flawed in the US... As our government jumps in and provides for universal protection for care necessary for testing of COVID-19, we could ask ourselves, what is keeping us from having universal protection for care of all our healthcare needs?

In the pandemic state we are in, all of us would get tested or even treated in any way possible given having symptoms or not. We likely would't question, why not from my doctor? Or why do I need to wait a bit? So is it just because its a pandemic we would comply and do so?

One of the biggest obstacles to universal healthcare is our fear of losing control. Our fear of sub par or less expedient care. Let's think about of our symptoms outside of a pandemic situation and be more willing to comply. Maybe then we'll be one step closer to our right to minimum essential coverage for all.

Healthcare Savings - Retirement

Should you establish a special savings for healthcare expenses when you retire?

Well likely you've heard some startling figures how much healthcare will cost you in retirement. The reality is no one really knows what you'll need. So many variables... medicare viability... rx cost... chronic illness... long term care needs, etc.

There are many ways to save for healthcare in retirement, with Health Savings Accounts at the top of the list with their triple tax benefits, however is the HSA enough, especially if you are just getting started?

Talk to your accountant, financial advisor or insurance agent. Consider opening a special account at your financial institution for healthcare funds. No matter what you do, do something and rest assured you never be blamed for over saving!

HSA Interchange Opportunity for Financial Institutions

If you are a Financial Institution thinking about offering HSA accounts or not, there is plenty to get excited about:

1. Low cost, long term deposits

2. Investment income

3. Attracting and retaining account holders

4. Interchange income

While all of the above are exciting, interchange income may be at the top of the list!

According to the Devenir Research 2018 Year-End HSA Market Statistics & Trends

Report, roughly 90 percent (88%) of HSA withdrawals were made utilizing a debit card. This equates to over $300 million in interchange revenue being generated. However if you're a credit union, the interchange revenue generated was only $11 million! Which is because less than four percent of HSA accounts was held at a credit union.

Is it time you offer HSA accounts?