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drain of financial resources associated with catastrophic illness, and finally, the impending deficits in the financing of the Medicare system.
“The legislation we are reintroducing today is a private sector solution that would grant tax incentives to individuals to contribute to a Health Care Savings Account, which they would use in retirement before making claims on the scarce Medicare trust funds,” explained Rep. Slaughter.
Individuals participating in the Health Care Savings Account program would be provided with protection from the costs of catastrophic illness, he said. In addition, the funds saved in these accounts would provide new resources for long term care.
Rep. Slaughter said, “The Administration is continuing to examine approaches to the problem of the costs involved in a catastrophic illness; we believe the provisions in our Health Care Savings Account legislation should be adopted as part of the solution to this and the other problems - both present and future - faced by our elderly in the health care area.”
Last year Rep. Slaughter introduced similar legislation (H.R. 3505) which was co-sponsored by 40 members of the House of Representatives.
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