JEC Republicans tout benefits of health savings accounts

Republicans in the Joint Economic Committee (JEC) released a report last week, touting the benefits and growth of health savings accounts (HSA).

HSAs are consumer-directed health plans established in 2003 by President George Bush. They are typically included as an option in high deductible health plan (HDHP). The Republican plan to replace the Affordable Care Act in Congress currently looks to expand the use of HSAs.

The JEC report cites a recent Kaiser Family Foundation employer benefits survey, which said nearly 30 percent of employees nationwide were covered under HDHP plans with a savings option like an HSA in 2016. Further, they quote a 2016 America’s Health Insurance Plans (AHIP) survey of health insurance companies that found 20.2 million people were enrolled in HDHP/HSA plans in 2015.

The AHIP survey also revealed that most HDHP/HSA insurance companies offer services that help enrollees make informed decisions regarding their care and health care budget. Specifically, 60 percent offered physician specific quality data, 67 percent offered hospital quality data, 87 percent offered information regarding the enrollee’s HSA, and 98 percent offered health/wellness resources.

The JEC report also said HSAs offer the potential for lower premium. It cited a study of employer sponsored HDHPs that found that the rise in cost sharing through HDHPs helped to control costs.