In addition, political leaders have been loud in their condemnation of HSAs. John Conyers, Jr., criticized HSAs in the following statement: "The President's health care proposal is not about covering the uninsured, making health insurance affordable, or even reducing the cost of health care." Its true intent is to make it easier for employers to shift the cost of health insurance to employees, provide tax incentives to the wealthy, and increase the profits of banks and financial brokers. The health care policies devised at the demand of special interests benefit the average American in no way. In many instances, they can impede access to health care. In reality, according to a report published by the Accountability Office of the U.S. government on April 1, 2008, the enrollment rate for HSAs is higher for those with higher incomes than for those with lower incomes.
Are Health Savings Accounts and High Deductible Health Plans a Choice for Low-Income Families? The Kaiser Family Foundation-sponsored study by Catherine Hoffman and Jennifer Tolbert revealed the following major conclusions regarding HSAs:
a) HSA-qualified health plans may have lower premiums than regular insurance, but larger deductibles shift more of the financial risk to individuals and families.
b) A considerable percentage of a low-income family's budget would be consumed by premiums and out-of-pocket payments for HSA-qualified health plans.
c) The majority of low-income individuals and families do not have a high enough tax liability to significantly benefit from HSA tax deductions.
d) Under HSA-qualified health plans, individuals with chronic diseases, disabilities, and other high-cost medical needs may incur even higher out-of-pocket expenses.
e) Cost-sharing decreases the use of health care, particularly primary and preventive services, with low-income and sicker individuals being particularly vulnerable to increases in cost-sharing.
f) Health savings accounts and high-deductible plans are unlikely to significantly increase the number of uninsured individuals with health insurance.
Selecting a Healthcare Plan
Despite the benefits the HSA provides, it may not be ideal for everyone. A person selecting an insurance plan must consider the following factors:
1. The required premiums
2. Coverage and benefits provided by the program; 3. a variety of exclusions and restrictions
4. maneuverability
Out-of-pocket expenses such as coinsurance, copayments, and deductibles.
Access to physicians, hospitals, and other service providers
7. How much and in some cases how one pays for health care.
8. any existing medical condition or physical impairment
9. Types of available tax savings
The plan you select should be based on your needs and financial resources.