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September 29, 2009
Health Savings Accounts Can Help Reform
Health Savings Accounts have been a huge success since their inception in 2004. Health Savings Accounts have attracted millions of Americans in the past five years since Congress (Republicans and Democrats) made them available. An estimated 46 million people are without health insurance, but 18 million earn at least $50,000 a year and choose not to participate because of what they consider excessive premiums. For an enhanced system to work, everyone must pay something. So how do you "force" individuals to be part of an insurance group that covers procedures they don't need or want based on their age or gender?
One solution to this "all-in" dilemma is greater use of Health Savings Accounts. Money placed in Health Savings Accounts is protected if not used for medical expenses, can grow tax-free and is transferable to other health care plans or Medicare. Health Savings Accounts are among the broad variety of insurance products we sell our clients. Based on our experience, Health Savings Accounts are used by working individuals on all income levels, are cheaper by 22.5 percent than a traditional family health insurance plans and are extremely valuable to those who get sick or have pre-existing conditions. Once you reach a deductible level in a Health Savings Account, there are no co-pays on prescriptions, doctor visits, hospital procedures or testing.
Congress faces heavy lifting to make health care coverage portable and affordable, and not break the taxpayer. Health Savings Accounts can be meaningful in that outcome.
Learn more about Health Savings Accounts and get instant quotes on HSA insurance at HSA for America.
Posted by Wiley Long at September 29, 2009 11:39 AM