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Medical Savings Accounts
Benefits & Compensation
Medical Savings Accounts
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
Our CEO mentioned that he was interested in putting into place Medical Savings Accounts next year. By looking at the printed material, the idea seems to be a good deal, but I have a feeling that actua
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Forums » Topic Forums » Benefits & Compensation » Medical Savings Accounts
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Medical Savings Accounts
posted at 11/10/1999 4:14 AM EST
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Posts: 32
First: 11/10/1999 Last: 10/30/2002 |
Our CEO mentioned that he was interested in putting into place Medical Savings Accounts next year. By looking at the printed material, the idea seems to be a good deal, but I have a feeling that actual practice might be a different story. I would like to hear from anyone who has experience with MSAs, either looking into having one, having one and then moving back to the "traditional" route, and those who have implemented MSAs and are keeping them.
Thanks. |
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Medical Savings Accounts
posted at 4/24/2009 8:38 AM EDT
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Posts: 464
First: 6/30/2004 Last: 11/22/2010 |
I am not sure what Jblocks answer means, but here is mine.
We looked into the savings accounts a couple of years ago, in connection with a High Deductible Health Plan. We elected not to do any of it. Basically, any savings we would be getting would be a cost passed onto the employee. Plus, we were encouraged to establish the Savings Plan to help offset the cost factor. In the end, we found we were not saving many dollars and were in effect, transferring the costs of employees with health issues to those that were relatively healthy. If we would have gone with an HDHP, we would have chose the Medical Reimbursemetn Account instead of the savings account. We felt it gave us more flexibility with respect to annual funding requirements and allowed us to keep any excess if the employee left. A very detailed analysis is required to really have enough information to make an informed decision, in my opinion. It is unique to each company and their particular culture/requirements. |
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Medical Savings Accounts
posted at 4/27/2009 9:40 AM EDT
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Posts: 1047
First: 4/11/2002 Last: 9/14/2011 |
MSA's, for the most part, have been replaced by HRA's (Health Reimbursement Accounts) and HSA's (Health Savings Accounts). These types of plans operate with a HDHP (high deductible health plan). Communication is the biggest hurdle with these types of plans since high deductibles scare employees. In the case of HRA's, doctor visits and Rx need not go directly towards the deductible, so these may be more attractive than HSA's. There are a lot that goes into rolling out these plans, otherwise, they tend to be unsuccessful. |
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Medical Savings Accounts
posted at 5/5/2009 8:30 AM EDT
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Posts: 2
First: 5/5/2009 Last: 5/5/2009 |
In terms of communication - couldn't agree more. My company converted to 100% HDHP (via an HSA) at the beginning of this year amid lots of pushback. Out of the gate we tied in company contributions from fitness program participation, and also built technology to integrate funding from our Employee Discount Program (our core product). This way, both the company and retailers fund cash which can be contributed to HSA accounts - helps employees with another source of funding beyond standard contributions (in the retailer funding case it doesn't cost the company anything). |
Forums » Topic Forums » Benefits & Compensation » Medical Savings Accounts
