Shopping for Health Care - The Latest Trend

"Shopping" for the best choice in health care is the latest trend in trying to contain continually sky-rocketing health care costs.

Survey results recently released by the Employee Benefit Research Institute indicate employees are opting for high-deductible plans ($1,000 or more for singles and $2,000 or more for families) and combining them with Health Savings Accounts (HSAs) or Health Reimbursement Arrangements (HRAs), both of which receive preferential tax treatment.

The Bush administration and employers believed these plans might be the magic bullet to curtailing rising health care costs, as it was thought consumers shopping for health care would encourage providers to be more competitive. However, the survey concluded consumers are not well-informed enough to make smart buying choices when it comes to health care.

Source: Pittsburgh Post-Gazette, 12-9-05