Click the below link for info and musings about the Bush administration’s health savings accounts and the related issues of tax policies, the liberal media, partisan politics and legislative reforms.
More than 6 million people enrolled in Bush administration’s tax-advantaged health savings plans
More than six million people have enrolled in health insurance plans that allow them to participate in tax-advantaged savings accounts pushed by the Bush administration and enacted into law by the former GOP Congress.
The number of enrollees nearly is double the estimates from just two years ago. Karen Ignagni, CEO of the trade group America’s Health Insurance plans, said Government Accounting Office figures show the typical enrollee deposited $2,100 in 2005 in a health savings account and withdrew $1,000.
Health savings accounts were created in 2003 and championed by the Bush administration and Republicans. Under these plans workers deposit monies into tax-advantaged accounts and use a portion of those monies to buy low-cost health insurance. Excess funds can be withdrawn, tax free, to cover out-of-pocket expenses of healthcare, e.g., co-payments. Monies in the health accounts accumulate tax-deferred and automatically roll over each year. Further deposits can be made in succeeding years.
There also is a retirement component of the health savings accounts, in that monies can accumulate tax free until the worker turns 65, at which point tax-free withdrawals can be taken to cover out-of-pocket costs — co-pays and premiums — of the Medicare program.
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The biggest challenge with these health savings accounts is breaking through the dense haze of the liberal media and thereby informing the general public about their features and benefits. Over the long haul, however, as is the case with so many other items, the truth will filter out.
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Along with the business, investor and consumer tax cuts, free trade, border reforms, law enforcement reforms, tort reforms, and the federal judiciary, those health savings accounts are landmark and positive domestic achievements of the Bush administration and the former GOP Congress.
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Here’s a link to complete and accurate info about the health savings plans.
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Here’s a link to the AP’s biased and agenda-driven report.