The ACA could include health savings accounts
By Admin | February 20, 2017
Republicans on Capitol Hill seem to be leaning towards incorporating health savings accounts (HSAs) into their Affordable Care Act (ACA) replacement plans.
Essentially, health savings accounts offer consumers a place to contribute money, tax-free, to spend on doctor visits and other healthcare costs. The idea is that they pay for these services out of the account until they hit their deductible, and then insurance takes over. HSAs are supposed to incentivise consumers to shop and spend smarter when it comes to expensive medical services.
The criticisms for HSAs, however, begin with most people not having extra income to place into HSAs, shopping for medical services being difficult--if not impossible--and many people simply forgoing important procedures and screenings to avoid the confusion of shopping and paying.
Supporters also say that insurance premiums coupled with HSAs tend to be lower, however critics claim that the richest Americans are the only ones to benefit from these lower prices.