Money Fix: Switching to a consumer-directed health plan
Before signing up for a consumer-directed health plan such as a Health Savings Account, or HSA, learn how it works and whether it is the most effective tool for your family's health-care dollars. Credit: iStock
A new Rand study found that families who switched from a traditional health plan to a consumer-directed health plan (CDHP) spent an average of 21 percent less on health care in the first year than similar families in a traditional plan.
These days, any mention of saving on health care gets attention. Here's what you need to know about CDHPs.
Says Carrie McLean, consumer specialist with eHealthInsur ance.com, "Think of an HSA as a retirement fund for medical expenses."
Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
