Responding to HSA Distortions
Yesterday, more good news came out about HSA enrollment. Predictably, opponents of consumer choice in health care immediately trashed it:
- GAO released a study claiming that HSAs were only for the rich (interesting considering eHealthinsurance.com, who sells HSAs, has reported that half of new HSA plans were to households making less than $50,000
- The WSJ has an article claiming that people are shocked--shocked--that saving money by having a higher deductible means that they actually have to...meet the deductible! File this under the same category as people who eat lots of donuts and wonder why they get fat
- Congressmen Henry Waxman (D-CA) and Pete Stark (D-CA) decry the fact that HSA holders are saving a few hundred dollars in their accounts every year beyond what's needed to pay medical bills. I guess they don't know what the "S" in "Health Savings Account" stands for
Thankfully, there is some sanity:
- Dan Perrin, author of America's Health Care Crisis: Solved has a good article explaining how HSAs fit into the McCain health care plan
- McCain himself has a good article explaining his plan
- The always-helpful Republican Study Committee has a good point-by-point refutation of the GAO study (link forthcoming). They also have a solid analysis of why the "47 million uninsured" is bogus
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