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tive action is essential in order to avoid the need for later, potentially precipitous changes.”
Health Care Savings Accounts represent a comprehensive reform designed to meet the trustees’ request. Under this proposal, workers could contribute to their HCSA an annual amount equal to the Medicare portion of the Social Security payroll tax, possibly with the assistance of their employer. As an incentive, these employees/employers would receive a 60 percent income tax credit for contributions to a HCSA, and funds would continue to accumulate tax-free investment returns during retirement years.
After retiring, HCSA holders would be required to use these funds for their health care needs before making claims on Medicare. In addition to financing doctor and hospital bills now covered by Medicare, HCSAs could help individuals pay for long-term care insurance, home care and prescription drugs. Funds used for health expenses would not be taxed upon their withdrawal from
91.7%