A potentially lucrative personal health account, called a Health Savings Account, becomes available to U.S. citizens next month. It will allow investors to accumulate tax-advantaged funds for medical spending. Leading health care experts such as Greg Scandlen of the Galen Institute claim these types of accounts have the potential to become the dominant form of health care in the next five to 10 years.
One of the few requirements is that the accounts must accompany a health insurance policy with a deductible of $1000 or more per individual ($2000 or more per family). The accounts are designed in part for consumers to pay incidental medical expenses leaving the high deductible insurance policy for major medical expenses.
Publish date: 29 August 2008
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