$24 Billion Solution to High Deductible Health Plans.

Educating patients on HSA’s my not only be the right thing to do, it may also make very good business sense. The latest reports and surveys show an increase in the total number of HSA’s and an increase in the average balance ($2300). How much of the $24 Billion in medical savings/reimbursement account assets is your practice collecting?

In today’s environment of higher health insurance deductibles, increasing out-of-pocket costs and shrinking provider networks why aren’t more medical providers taking advantage of Health Savings Accounts (HSA’s)?  According to the latest reports, medical savings/reimbursement account asset balances nationwide are in the $24 Billion range. Yes, that’s Billion with a “B”!

The trends also show that HSA’s are outpacing health reimbursement arrangements (HRA’s). A health savings account or HSA, is a tax-exempt trust or custodial account you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. Only consumers with on a high-deductible health insurance plan can qualify for HSA’s. Consumers don’t have to set up their HSA’s with their employer; they can also set them up individually. Contributions to HSA’s may be made on a tax exempt basis and can also be made by an employer.

Any contributions made to the account stay in the account until you use them. Contrary to popular belief, with HSA’s if you “Don’t Use it-You Don’t Lose it”, even if you change jobs. While interest and other earnings in the accounts are tax free, distributions may only be tax free when used for “Qualified Medical Expenses”.

For IRS information on HSA’s, Qualified Medical Expenses and contribution limits, click HERE.

Every practice should advocate for patient’s affordable care and have HSA programs and policies in place. On Jan 10, 2015, Avym Corporation announced its 2015 HSA & PPACA Claim Specialist Programs to train both in-network and out-of-network healthcare providers on: (1) PPACA internal and external appeal laws, (2) the latest health claim overpayment ERISA laws and (3) how to get paid with $24 billion in patient HSA’s in 2015.

The two-day basic PPACA HSA Claim Specialist Program was designed to get providers paid even in the face of High Deductible Health Plans (HDHP). With HSA assets estimated to be over $24 Billion in 2015 and as high as $40 Billion by the end of 2016, the one-day basic PPACA-HSA Claim Specialist program is designed to comply with new federal laws in 2015.

The eight-day advanced Certified PPACA & ERISA Claim Specialist programs were designed to comply with 2015 full implementation of PPACA Claims regulations for both internal and external appeals for all claims denials, and especially for sky-rocketing payer overpayment claims and newly approved claim withholding or offsetting denials, in accordance with the latest Court rulings and DOL legal guidance on the increasing overpayment or repayment disputes.

Fast Facts on HSA’s:

  1. Medical savings and reimbursement asset levels are growing-Assets grew to approximately $23.8 billion in 2013-up from $18 billion in 2012
  2. Account balances increased-Average HSA account balance increased to $2311 in 2013-up from a little over $1400 in 2008
  3. Length of time patients have with HSA account has impact-—Not surprisingly, the length of time that an individual has had an account has a major impact on the amount of money in the account.
  4. Experts estimate HSA assets to be around $40 Billion by the end of 2016
  5. HSA’s can pay for transportation expenses-In cases of emergency, HSA funds can be used to pay ambulance bills; also people with mobility issues can use HSA funds to pay for taxi or shuttle services to and from medical facilities.

Located in Los Angeles, CA, AVYM is a leading provider of services focusing entirely on the resolution of denied or disputed medical insurance claims by participating in the nation’s first ERISA PPACA Claims Appeals Certification program.  AVYM also offers free Webinars, basic and advanced educational seminars and on-site claims specialist certification programs for doctors, hospitals and commercial companies, as well as numerous pending national ERISA class action litigation support services.

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