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Stossel on Healthcare Improvement

October 3rd, 2007

John Stossel wrote a great peice today about using Health Savings Accounts for general medical care and limiting health insurance to major health events like cancer or heart disease.

Stossel uses the example of Whole Foods grocery chain, who switched to HSA’s five years ago for all its employees. Not only did company expenses go down, but some employees have racked up thousands of dollars in savings. Furthermore, the company has seen behavior change with regard to personal health care. “[Employees] may not want to go to the emergency room if they wake up with a hangnail in the middle of the night. They may schedule an appointment now.”

In fact, studies have shown that people who have high-deductible health insurance take better care of themselves. Stossel notes that when consumers have to pay for health care out of pocket, they are more inclined to shop around, ask about prices, comparison shop, which in turn drives down costs for everybody.

Makes sense to me…

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