As Obamacare unravels, it’s time for a better, simpler approach to fixing health care
With Obamacare proving increasingly unworkable and unpopular, many people are urging officials to get the government out of running our health care by legalizing a simple and direct way for workers to pay their health care – allow families to open large HSAs in which they can save $8,000 (for individuals) to $16,000 (for families) a year tax-free. Employers could take the billions they spend on employee health plans now and give it to workers in the form of higher wages. The idea comes from Michael Cannon at the Cato Institute.
Large HSAs would let workers use the payraise to cover medical bills and buy coverage, using the same tax-free benefit that only companies get now. With year to year rollover in savings, families could guard against future illness. In just three years a working family would have $48,000 in cash to meet medical expenses, or to buy any kind of private insurance it chooses. In just ten years a young worker would have $80,000 to protect against illness later in life.
No harsh mandates, no job-killing taxes, no political waivers, no high-stakes lawsuits, no shifting deadlines and constantly changing rules – just tax-free money to pay medical bills and buy health insurance – straight up. We’ve tried an unpopular 2,700-page law that nobody understands. As Obamacare unravels, let’s try a simply, low-cost, tax-free idea that lets people make their own health care decisions.