Health Savings Accounts have been developed in the USA as an alternative to traditional health insurance. This new concept has attracted some attention as it is expected to have a beneficial impact on medical trends and therefore future premium levels.

Although Health Savings Accounts are not yet readily available through private medical insurers in the UK, we can advise clients who want to know more about them.

A typical plan consists of a savings account from which funds can be drawn to pay for a range of health-related expenses such as out-patient consultations, out-patient diagnostic tests and complementary therapies, combined with an insurance element providing benefit for in-patient treatment.

These plans have been designed to offer employees more choice. Because they are effectively funding certain elements themselves by drawing on funds in the savings account, claimants make appropriate decisions after considering all options open to them when the need to use the plan arises.

The result is a medical and financial outcome that claimants feel is the best and most appropriate for their circumstances.

To find out how Hewitt can help you contact us or learn more by downloading a brochure.