[H]ealth savings accounts all aim at empowering people to make decisions for themselves, owning their own health care plan, and at the same time, bringing some demand control into the cost of health care.
Â“ President George W. Bush, 1/26/05
Today, President Bush will participate in a roundtable discussion on Health Savings Accounts (HSAs) with small business leaders in Oklahoma City. The President believes that the cornerstone of good health care policy is ensuring that patients and health care providers are in charge of medical decisions. Products like HSAs encourage consumer ownership of health care decision-making and allow Americans to benefit from the affordability and flexibility of HSAs and HSA-eligible health plans. While a candidate in 2000, then-Governor Bush promised to expand the availability of account-based plans to provide health care alternatives and savings to American families, and has championed HSAs throughout his presidency. Under his leadership, Congress established HSAs as part of the Medicare reform bill President Bush signed into law in December 2003, and he is working to build on the success of HSAs by changing the tax code to give all Americans better access to affordable health insurance.
HSAs Are Helping Small Businesses Provide Health Insurance
This week, the Treasury Department and the Small Business Administration announced a new website, www.HSA.gov, to assist small businesses and consumers in understanding the value of HSAs. The website provides small businesses with information on how HSAs can help meet their employeesÂ™ health insurance needs. It provides information about HSA plans, comparisons to other health coverage options, and materials to help employers and individuals determine whether and how to enroll in HSA-eligible coverage. Additionally the site shows how to save for health care costs through an HSA. While many Americans have access to health coverage through their employers, many other employees work for companies Â“ often small businesses Â“ that are looking for solutions to provide health insurance benefits.
HSAs Are Making Health Care More Affordable And Accessible For Many Americans
HSAs allow Americans to save pre-tax dollars to pay for current and future medical expenses.
The Health Savings Account is accompanied by an HSA-qualified insurance plan that can cover major expenses, often including preventive care, and provides security against high or unexpected bills. HSA-qualified insurance plans may have higher deductibles, but offers savings through lower premiums which can be put toward funding the account. In addition, employers may contribute to their employeesÂ™ HSAs. Further benefits of HSAs include:
White House Press Office