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*That all Men are born equally free and independent, and have certain inherent natural Right…; among which are the Enjoyment of Life and Liberty, with the Means of acquiring and possessing Property, and pursuing and obtaining Happiness and Safety. *—George Mason and the Virginia Declaration of Rights (1776)
John Cogan and Scott Atlas of the Hoover Institute have researched the benefits of health savings accounts when coupled with high-deductible insurance. In their quest for a better understanding of the system, Cogan and Atlas define insurance and tax-free, medical savings accounts (HSAs).
Well-designed, high-deductible insurance in which individuals pay a few thousand dollars for most health-care services before their plan covers outstanding claims restores the fundamental purpose of health insurance, which is to reduce the financial risk of large and unanticipated medical expenses. Health-savings accounts, or HSAs, allow individuals to set aside tax-free money for out-of-pocket expenses, including routine care. Owned by individuals, these types of accounts are not dependent on places of employment and will transfer between different employment locations. The high-deductible insurance policy covers catastrophic illnesses and injuries. Studies prove HSAs and high-deductible insurance policies reduce healthcare spending by at least 15 percent annually.
Through knowledge and understanding, more and more Americans are recognizing the value of HSAs and high deductible insurance. By mid-2015, 14.5 million Americas owned HSAs and the average HSA account is $14,654, which will easily cover most medical needs. In 2014, the use of HSAs in America increased by 29 percent. HSAs are a human right for everyone to use their own money to choose and purchase the medical services they deem necessary for themselves and their families. As George Mason wrote in 1776:
That all Men are born equally free and independent, and have certain inherent natural Right…; among which are the Enjoyment of Life and Liberty, with the Means of acquiring and possessing Property, and pursuing and obtaining Happiness and Safety.
Now, compare the HSA option and the power of people buying their medical services with their own money against the mandates, death panels, rising costs, taxes and subsidies of ObamaCare. HSAs allow everyone to buy their desired medical care – mostly tax free, and Obamacare mandates and bureaucratic controls in cahoots with insurance companies, pharmaceuticals, hospitals, AARP and Health and Human Service bureaucrats. (Remember Sibelius?)
What is stopping more Americans from creating HSAs? ObamaCare, Federal government laws and regulations restrict the amount of savings and use of HSAs. In the Wall Street Journal, Cogan and Atlas offer some changes in federal law:
… the maximum allowable annual contribution should be raised from $3,350 to at least equal an individual’s maximum annual IRA contribution ($5,500 if you are under age 50, $6,500 if you are age 50 or older). The health-care services and products that can be purchased with HSAs should be expanded to include scientifically therapeutic over-the-counter medications. Money remaining in HSA accounts should be allowed to roll over to surviving family members.
The current ban on HSA participation by seniors on Medicare should be abolished. States should be encouraged to experiment with plans that allow Medicaid enrollees to opt for HSA contributions, like Michigan and Indiana have done, and high-deductible coverage.
Make Politicians Expand HSAs:
As every sentient American knows, 2016 is an election year. However, few voters realize that if We the People continuously and persistently ask candidates about HSAs, We will influence the debates. More importantly, if citizens demand expanded opportunities for everyone to have HSAs, We the People will be setting the agenda for repealing Obamacare and restoring our human right of …* acquiring and possessing Property, and pursuing and obtaining Happiness and Safety.*
For the next year, every American **should **demand expanded HSAs. At every opportunity with every politician, demand HSAs. That is how We the People will make it happen.