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July 07, 2005
Long-Term Health Care Savings Accounts
As the popularity of Health Savings Accounts (HSAs) continues to grow, similar types of legislation are being introduced in many different areas. A few weeks ago legislastion was introduced in the Michigan House that would allow for the creation of Long-Term Health Care Savings Accounts.
A Long-Term Health Care Savings Account would enable individuals to buy long-term health care insurance or to pay for the long-term health care costs for themselves, a spouse, parent or child, using funds from their account.
This legislation would create a $5,000-per-person, or $10,000-per-couple tax deduction for contributions made to the account.
I'm a strong believer that anything the government can do to encourage people to save for future health care expenses when they are working, is much better than expecting the government to care for everyone.
But even without these new plans, Health Savings Account holders can still use their funds to purchase long-term care insurance, as well as for health care expenses incurred in retirement.
Posted by Wiley Long at July 7, 2005 10:34 AM