Health Savings Account Blog

Tsien points out that, although a majority of gay men are Democrats and likely to vote for a big-government socialized medicine solution, big government answers just don't work. Medicare's total unfunded liability currently stands at $65.4 trillion (with a T!), and the Social Security and Medicare Boards of Trustees has warned that the trust fund will evaporate by 2020. Having the federal government take over the entire system isn't going to help this situation any.

He points out that, in addition to offering much lower health insurance premiums, HSA plans have several other advantages. One is that with an HSA the consumer has more motivation to scrutinize medical costs. Currently, people tend to pay more attention to the costs of of a new shirt than they do the costs of medical care, because they have no incentive to compare prices.

The benefit that HSAs offer gay men (along with everyone else) is an incentive to stay healthy. Because funds deposited in an HSA always remain the property of the account holder, any funds not used to pay medical expenses can be spent on anything.

Finally, Tsien points out that HSA funds are not restricted in the way PPOs and HMOs control medical expenses. Very few traditional health insurance plans offer any coverage for acupuncture, herbal medicine, doctor-recommended nutritional supplements, or any other alternative treatments. The owner of an HSA can spend the money in their HSA account on virtually any type of medical expense, tax-free.