Health Savings Accounts are among the most powerful tools ever created for expanding choice, stoking competition, and bringing down healthcare costs.
Health Savings Accounts have been a central component of free-market health policy for decades. But most Americans, especially those of modest means, don't have one of these savings vehicles, which allow people to set aside money for medical expenses on a tax-advantaged basis.
The problem with this kind of subsidy is that patients lack any real control over that money. It amounts to a transfer from the federal government to a private insurer. HSAs empower patients to spend their health dollars as they see fit, instead of forcing them to abide by the rules and network restrictions of their insurer.
This HSA alternative would also give low-income Americans a valuable opportunity to save for the future. Since many younger patients have only minimal out-of-pocket health expenses, much of the money they contributed to their HSAs would remain there — and grow.
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