WSJ: “This week, the House passed legislation that included a provision to require every HSA transaction be reviewed and verified as a legitimate medical expense. Democrats say this is to ensure that consumers are using their tax-free withdrawals for a knee replacement, rather than a new iPod. In reality it adds a layer of bureaucracy that could sharply reduce the appeal and cost savings of HSAs.
A key player here is Ways and Means Health Subcommittee Chairman Pete Stark, whose main purpose in politics is to give the U.S. a government-run health-care system. He is a known opponent of HSAs ““ once comparing them to “weapons of mass destruction” ““ because they introduce more individual choice into the health-care marketplace.”
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{ 6 comments }
Pete Stark is nothing more and nothing less than a wannabee soviet party boss.
A health care system based largely on the HSA concept already exists in Singapore and the results are pretty much exactly as any intelligent person would expect. Good health outcomes and dramatically lower cost.
All the Pete Starks of the world love to compare our system to that of Canada and various European countries, but they conveniently ignore little ole Singapore and it’s system that makes the ones in Canada and Europe look ridiculous.
Pete Stark and his cronies don’t give a darn about actually doing what’s best for the country. They only care about consolidating their own personal power, playing partisan politics, and taking care of the folks who put the most money into their pockets.
They are not leaders. The are bleeders…bleeding the country to death. Parasites.
The Pete Starks of this world are not worried that HSA’s won’t work.
They are worried that HSA’s *WILL* work.
To that end, they will do as much as they can to kill them before they grow anymore.
I trust this won’t go anywhere this time ’round.
I do not have the same confidence after the 2008 elections. A President Obama or a President Clinton would gladly sign such a bill into law. Especially if Democratic majorities grow in the House and Senate.
This is a “non-event.”
I have a flexible spend account, which operates in a similar way. They are amazingly good at separating out legit expenses from not.
Certain over-the-counters are eligible. Submit a receipt with a vitamin, such as iron, and they disallow that.
I don’t see why HSA accounts, where you’d actually submit something with a code on it would be a bit different.
Proof once again, that Pete Stark is a threat to American Freedom and would create nothing less than healthcare fascism given adequate opportunity. As he is so offended by freedom where ever he finds it, we should send him to serve in the North Korean government.
Anon 6:54 AM do I understand correctly, the FSA fund evaporates if not spent that year, is that correct? So, use it or lose it.
The HSA is not really monitored in any way. Theoretically, they can be audited by the IRS, but the definition of “health related expense” is very broad. If you say the hot tub is good for your back, fine. Thing is, it’s your money in the first place. Money spent on the aromatherapist will not be available to spend on the internist when you get a MI.
If you try to buy the vitamin with FSA money, apparently the purchase is disallowed by the rules of your FSA. With a HSA, it’s allowed. It’s YOUR money to spend as you see fit.
Stark, and the other craven politicians on BOTH SIDES, want to nose themselves in to ruin a perfectly good system. HSA’s have grown rapidly with no encouragement from the government, as opposed to HMO’s that got careful nurturing by the government for decades.
If the politicians wanted to do something useful along these lines, they could help create a system to reprice the service in real time. It would eliminate delays waiting for the insurance company to reprice service to contracted levels. Assuming the physician is contracted. If they MUST look like they are Doing Something, they could create a real-time repricing system.
Heaven forbid the government actually do something useful.
The money in my HSA is my money. I earned it. The government didn’t. I don’t spend it on non-healthcare stuff. In fact I don’t spend it on healthcare–I pay for that with my discretionary income saving my HSA for a rainey day. If these turkeys start to think it is theres to control, maybe I better spend it before they take it away.
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