Credit Unions & HSAs

Long before Health Insurance was an employee benefit there were credit unions offered by employers. Some might even say the credit union was the original employee benefit. Credit unions still try to market through employers, doing lunch and learns, etc.

A credit union HSA account offering is a great way for a credit union to get employers to sponsor the credit union for its employees. More exciting about the opportunity is it almost certainly guarantees new members. So if your a credit union trying the employer strategy or not ... offer HSA accounts, it's a no brainer!

Medicare For All Who Want It

Medicare For All Who Want It is the Healthcare Strategy of democratic presidential candidate Pete Buttigieg. An interesting concept and could actually work. Without getting in to how the providers would feel given their restraints as it relates to what they can charge medicare, (because we know there will be push back there), lets examine this option briefly.

1. What is one significant advantage this concept has? #Choice

2. What is one significant flaw this concept has in it? #Uninsured

3. What does medicare drive for from its beneficiaries? #Costsharing

In every developed country with a public healthcare system, what's occurred is the system has manifested itself in to a get what you pay for model. Meaning the public system covers a portion of (or to a certain level of) care, leaving the covered party to determine if they want to self insure or more or better coverage (choice) and ultimately paying for it themselves or receiving it as a benefit from their employer (cost sharing).

The get what you pay for model seems to work for other countries systems so why not the United States with #MedicareForAllWhoWantIt ? Leave medicare to cover those who can't pay for or don't want more expensive richer coverage. Even if you choose medicare there will always be an insurance company offering you a supplement. The only flaw would be if coverage is not a requirement (uninsured)!

HSA - A Supplement for Single Payer Healthcare

The discussion of #singlepayerhealthcare coverage is all over the place this election year! Whether it is #medicareforall or some other form, it is being discussed and equally feared by many. The thing to think about when you think about single payer health is; what will it mean for me? What will it cost me? What will my potential out of pocket exposure be?

One of the key components of #medicare coverage is the out of pocket cost each member is exposed to. Not unlike a high deductible health plans do, medicare instills a sense of consumerism in its members. While only 30 percent do not purchase part D coverage and "only 19 percent of original medicare beneficiaries have no supplemental coverage" the number is relatively high given the statistical use of drugs and healthcare services post age 65. remember these individuals are actively choosing to self insure their potential out of pocket exposure, which is consumerism.

So is the HSA the answer to supplemental coverage for a single payer program? Absolutely! Case in point, with Rx and healthcare usage percentage being much lower in the under age 65 demographic likely many individuals will choose to self insure their potential out of pocket exposure under a single payer system. If so why choose any other mechanism to support a single payer healthcare strategy than an HSA?

Source: https://www.medicareresources.org/medicare-benefits/is-original-medicare-coverage-enough/