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| HEALTH SAVINGS ACCOUNTS (HSAs) |
The attractiveness and establishment of HSAs continues to grow, as HSAs approach their 10th birthday. For many, it has long since been forgotten how they came to be, save for those “consumer driven health care geeks” like yours truly. While many realize that HSAs or Health Savings Accounts, replaced MSAs (Medical Savings Accounts) starting in January of 2004, how they came to be is rather interesting, if not disjointed. Actually, HSAs were created by the very law that gave us the largest expansion of Medicare since its origin in 1965 - the Medicare Prescription Drug Improvement and Modernization Act of 2003 (later referred to as the MMA), signed by then President George W. Bush on December 8, 2003. HSAs offer a significant improvement over their predecessor – MSAs – on several levels; not the least of which was a significant increase in the amount of money that could be set aside, tax preferred in the account, for future health care related use.
This week’s blog post is a “celebration” of HSAs (see previous reference to “CDH Geek”), by sharing some insights on the numbers, their application, and their future.
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