Word: hsas
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...this proposal reduces medical inefficiency because patients will be paying for a larger fraction of their regular care through their personal HSA. Therefore, patients will be less likely to overuse the system and will go to the doctor only when their need approaches the cost of the service. Moreover, HSAs are tied to individuals, not corporations. Consequently, shifting jobs won’t affect an individual’s health insurance, which will allow for more consistency over job transitions and the employment status.Yet, as with most plans, the HSA is not perfect. As Democrats have rightly pointed out, this...
...HSAs work? If you have regular health insurance or are on Medicare, you don't qualify for an HSA. If you qualify, you or your employer may contribute. This year the limits on contributions, which are tax deductible, are $2,700 per individual and $5,450 per family. The money grows and can be withdrawn tax free, and may be spent on expenses such as drugs and checkups. One twist: to get an HSA, you must buy catastrophic health insurance with a deductible of about $2,100 for a family...
...HSAs contain health-care costs? The thinking behind HSAs is that people will be prudent with the money because it's their own, not some insurance company's. Maybe, but that won't solve a big problem: at least 75% of U.S. health-care dollars go to treat those with chronic ailments. Getting the majority to spend their first few thousand dollars wisely won't help the ailing minority cut their astronomical costs...
Will Congress expand HSAs? President Bush wants to raise contribution caps and expand eligibility. But the plan's tax benefits will already cost at least an estimated $92 billion in its first 10 years. Bush will argue that's a small price to pay for better and broader health care, but even a Republican Congress that agrees--and loves to create tax-free accounts--may hesitate to foot such a big bill...
Bush's innovation: low-income families who set up HSAs would get up to $1,000 to put in these tax-free savings accounts to help meet high deductibles and a $2,000 tax credit to help cover the premiums. Through these savings accounts, along with tax credits for low-income families and small businesses that make contributions to their employees' HSAs, Bush would insure 6 million to 10 million more people...