kikipeepers asked
HSAs were created by the Medicare reform legislation signed by President Bush in 2003. Put simply, an HSA is another way to pay for health-care costs. Instead of relying on health insurance coverage alone, an individual buys a high-deductible insurance policy to cover major health-care needs, and then sets aside money each year in a tax-free personal account, the HSA, to pay for smaller health expenditures. Account balances can be used for a wide variety of medical expenses, and money not used one year can be carried over to the next, as well as from job to job. Like an individual retirement account, or IRA, at retirement the funds can be used for any purpose. The Bush administration has proposed expanding HSAs to deal with a health-care industry burdened by uncontrolled spending, the rising cost of health-care premiums and prescription drugs, and the swelling ranks of the uninsured.
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