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Tuesday, February 12, 2013

Obama Care's Assault on Dr. Carson's Health Savings Accounts (and My Tax Bill)

President Obama tried to hide his irritation when Dr. Benjamin Carson touted private savings accounts for health care spending at the recent national prayer breakfast. Such private  accounts for medical expenses are anathema to Obama insofar as they go against the grain of state-controlled health care. In a world of medicine dominated by Big Government and Big Insurance, health-care  savings accounts represent of small  ray of sunshine of personal freedom and choice.

Currently eleven million families are covered by health-care  savings accounts, whereby pre-tax dollars are accumulated in accounts to pay for medical expenditures.

Health-care savings programs  exist in two forms: The Health Saving Account (HSA) and the Flexible Saving Account (FSA). The HSA is limited to employees with high deductible coverage. It is owned by you regardless of where you work, and it need not be expended by the end of the year. The FSA is owned by your employer. If unexpended at the end of the year, you must forfeit your funds.  The FSA participant is issued a flex credit card to be used at doctor’s offices, pharmacies, etc.

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