Health Affairs October 29, 2024
In a frequently cited June 2022 article in Health Affairs, Sherry A. Glied, Dahlia K. Remler, and Mikaela Springsteen argue that health savings accounts (HSAs) are no longer functioning as originally advertised and suggest that we abolish them as tax-favored accounts.
Fortunately, there are better options. Instead of abolishing these accounts, we could turn them into vehicles for patients to get more cost-effective, higher-quality care—including the management of chronic illness.
What Is An HSA?
An HSA is a type of savings account that lets you set aside money on a pre-tax basis; you may then withdraw the money tax free to pay for “qualified medical expenses,” including deductibles, copayments, coinsurance, and some dental, drug, and vision expenses. Once you reach...
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