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an HCSA. Workers who exercised the HCSA option to specified minimum levels would also receive catastrophic coverage under Medicare.
Health Care Savings Accounts differ from so-called “medical IRAs” that have been proposed in two key ways. First, individuals with HCSAs would receive a 60 percent income tax credit for their contributions, rather than a deduction, as is the case with IRAs. Tax credits are more appealing — and more fair — to low- and middle-income workers.
Secondly, Health Care Savings Accounts do not represent an attempt to “privatize” Medicare or Social Security. In fact, this legislation will actually strengthen Medicare by insuring the long-term solvency of the program. More individuals w'ith HCSAs means less demand on Medicare, since they are required to use these funds before tapping into Medicare. There would be no change in benefits for those who do not exercise the HCSA option.
The Health Care Savings Account plan can help address other pressing problems in the health care arena. For example, many corporations are scrambling to meet massive liabilities for future retiree health needs. HCSAs can provide these employers with a new', voluntary savings vehicle they could fund at low cost in lieu of or in conjunction
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