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In this system, health care costs are first paid for by an allotment of money provided by the employer in an HSA or HRA. Once health care costs have used up this amount, the consumer pays for health care until the deductible is reached, after this point, it operates similar to a typical PPO. Once the out-of-pocket maximum is reached, the health ...
When a consumer purchases a health insurance policy, there is a moral hazard risk because the consumer may utilize too much medical care because the full cost of care is defrayed (i.e. he/she has a lower marginal cost for care than the open market). [17]
This approach to addressing increasing premiums is dubbed "consumer driven health care", and received a boost in 2003, when President George W. Bush signed into law the Medicare Prescription Drug, Improvement, and Modernization Act.
According to a study paid for by America's Health Insurance Plans (a Washington lobbyist for the health insurance industry) and carried out by PriceWaterhouseCoopers, increased utilization is the primary driver of rising healthcare costs in the US [143] The study cites numerous causes of increased utilization, including rising consumer demand ...
Cigna: Consumer-Driven Health Plans Flourish Despite Difficult Economy, Increasing Regulations Cigna CDHP customer base grew 26 percent in 2012 Cigna Study: CDHP customers lowered their costs an ...
Consumer-driven healthcare. Flexible spending account (FSA) Health reimbursement account (HRA) Health savings account (HSA) High-deductible health plan (HDHP) Medical savings account (MSA) Private Fee-For-Service (PFFS) Health insurance in the United States. Health insurance marketplaces; Premium tax credit; Managed care (CCP) Exclusive ...