And starting this year, millions of Americans will be able to save money, tax-free, for their medical expenses in a health savings account. -- from aWol's State of the Union Address....I'm ashamed to admit that I fell for the scam. Two years ago, I signed up. "Fortunately," I was ill a couple of times and diligently pursued optional expenses to make sure I got my money back. Last year, I had almost no expenses, lost the receipts on those I did, and the HSA walked away with $180. This year I wised up and didn't sign up. I've always thought that most insurance was a scam; you give some corporation lots of money over the years, then if something bad happens to you AND you can prove you weren't to blame AND you complete all the paperwork, the less-unscrupulous of the insurance companies will give you some of your money back. They will of course raise your rates to recoup the money. But HSA's may take the cake. They get the interest on your money regardless, and they get to keep it all if you don't get sick or you forget to do the paperwork.
Like everything in Bush's speech, HSA's are a way to take money from those who have little and give it to those who have much. And they offer no benefits at all to low-income people. The deductibility is on the federal INCOME tax, and as the right-wingers love to point out, those "lucky duckies" who are poor pay little or no income tax. They do, however, pay sales taxes and payroll taxes, and HSA's offer no relief from these. So aWol's call for HSA's is mostly a benefit to the companies that run HSA's, with a moderate benefit for the wealthy who get sick and conscientiously file the forms.
....but hey, do what you want....you will anyway.
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