Because florida HSAs, high deductible health plans, and the entire consumer-driven health plan concept are relatively new, there are some problems that may exist until they start to become more common. Because the entire health care system has been running on a different model for so long, there may be some elements that do not fit exactly with HSAs.
One of the anticipated problems with using your HSA is pricing transparency. Pricing transparency is a term that simply means the ease of determining prices for services and items. Pricing information is not as readily accessible for health care services as we would like. This is because doctors, pharmacies, and hospitals have been depending on a 3rd party payment system where pricing is not important for many years now. Under these systems, where traditional health insurance had low deductibles and fixed co-pays, consumers had little or no reason to be concerned with the actual, specific costs of health care. Instead, consumers were generally only concerned with the level of their monthly insurance premiums.
Because florida HSAs work by allowing you to pay for medical expenses from your account, you will want to be able to shop around and compare prices for health care services. However, with the current low transparency of prices, the ability to do this might be impeded. While this may be a problem in the short-term, but as HSAs become more popular, medical services will start to advertise their prices to gain business from those who have this type of plan. Along with prices being displayed, the HSA system should, in theory, result in lower prices by forcing health care providers to compete for business on the basis of price.