Health Savings Accounts: Affordable Alternative to ObamaCare
18th April 2013
HSAs are tax-advantaged savings accounts used for health expenses, to meet your insurance deductible. Nearly 15 million Americans have adopted HSA plans in recent years. These HSA accountholders will collectively save $2.3 billion for the 2012 tax year.
During the debate over Obamacare, many experts feared that its enactment would destroy Health Savings Accounts. But in a surprise turn of events, the exact opposite appears to have happened.
It has become clear—even to President Obama—that in the near future HSAs will be the most “affordable” options in the “Affordable” Health Care Act. As a result, the administration is clearing the way for HSAs to be the low cost option on public exchanges.
A possible silver lining to ObamaCare. I am a big fan of Health Savings Accounts; they effectively allow individuals to get the same tax break for health care expenses that businesses get.