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.
go to forbes.com
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