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October 22, 2005
Medicaid Health Opportunity Accounts
Last week Senator Mike Crapo of Idaho and Representative Mike Rogers of Michigan introduced bills that would allow Medicaid recipients to set up “Health Opportunity Accounts” (HOAs), which would be similar to a Health Savings Account (HSA). States would be allowed to contribute up to $2,500 per adult and $1,000 per child to these accounts, and receive federal matching funds for the accounts.
The Medicaid recipients with HOA accounts can then use them for health care expenses. The legislation, entitled the Medicaid Health Opportunity Account Act of 2005, is a step in the right direction. As I often talk about in this blog, giving people the power to make their own healthcare decisions, with their own money, will not only benefit them, but it will increase competition, and lower prices for all healthcare consumers.
You can find more Health Savings Account information at HSA for America.
Posted by Wiley Long at October 22, 2005 11:15 AM