Health Savings Accounts Empower Consumers As of Jan. 1, 2004, non-elderly Americans now have access to Health Savings Accounts (HSAs). According to health economist John Goodman, of the National Center for Policy Analysis, HSAs empower individuals to make their own health care decisions. With HSAs physicians will be free to act as the agents of their patients rather than third-party payers. Goodman explains that deposits to HSAs enjoy the same tax advantages formerly granted only to health insurance premiums:
- Deposits from employers and/or employees to HSAs will avoid all federal income and payroll taxes.
- Combined with individually owned insurance, HSA deposits will be a deductible expense, even for income tax filers who do not itemize.
- Withdrawals for medical purposes will not be taxed and unused funds can be used in retirement.
Here is how they work:
- Individuals and/or employers make deposits each year equal to the accompanying health insurance policy’s deductible—which must be at least $1,000 for an individual or $2,000 for a family policy.
- Annual HSA deposits cannot exceed the health insurance deductible, and typically cannot exceed $2,600 for individuals and $5,150 for families.
- Account balances can earn interest or be invested in stocks or mutual funds, and they will grow tax-free; thus they could grow to hundreds of thousands of dollars by retirement.
- HSAs belong to the individual account holders and remain theirs if they switch jobs, become unemployed or retire.
- The funds can be used for expenses not covered by insurance, insurance premiums while unemployed and health expenses during retirement, and unused balances may be bequeathed to a spouse or other heirs.
Individuals will typically spend first from their HSA. If they exhaust their HSA funds before reaching the deductible, they will then pay out-of-pocket. But once they reach their deductible, insurance pays all remaining costs. Source: John C. Goodman (NCPA president), "Health Savings Accounts Will Revolutionize American Health Care," Brief Analysis No. 464, Jan. 15, 2004, National Center for Policy Analysis. For the full text of this report, visit the NCPA website: www.ncpa.org/pub/ba/ba464/. Annual National Student Symposium The Federalist Society will host the 23rd Annual National Student Symposium, "Private Law: The New Frontier for Limited Government," at Vanderbilt University Law School, Feb. 20-21, 2004. The following is a list of panels and debates scheduled for the symposium:
- Is Civil Litigation a Threat to Democracy? (Debate)
- The WTO and the Governance of International Trade (Panel)
- Should Tort Law be a Form of Public Regulatory Law? (Panel)
- The Regulation of Corporate Responsibility and the Private Character of Corporate Law (Panel)
- Private Property & Environmentalism: Allies or Enemies? (Panel)
For registration forms and additional information visit the Federalist Society website: www.fed-soc.org. MRC’s Annual Dishonor Awards The Media Research Center (MRC) will host its annual DisHonor Awards, Thursday, March 18, 2004, the Omni Shoreham Hotel, Regency Ballroom, 2500 Calvert Street, NW, Washington, D.C. An all-star honor roll of conservatives will serve as the master of ceremonies, presenters, acceptors, and judges for the DisHonor Awards: Cal Thomas will be this year’s Master of Ceremonies. The presenters include: Sean Hannity, Laura Ingraham, and Ann Coulter. This year’s acceptors are: Rich Lowry, Steve Moore, Judge Robert Bork, Mona Charen, and Tony Blankley. Judges, who picked the winners, include: Rush Limbaugh, Steve Forbes, William F. Buckley, Jr., Lawrence Kudlow, Michael Reagan, Kate O’Beirne, Walter Williams, Lucianne Goldberg, R. Emmett Tyrrell, Jr., William Rusher, Tom Winter and John Fund. Tickets for the DisHonor Awards are $250.00. For more information, call MRC for 703-683-9733 or 800-672-1423 or visit the MRC website: www.mediaresearch.org. Ashbrook Center Sponsors Major Issues Lecture Series U.S. Rep. Michael G. Oxley (R.-Ohio) is the featured speaker in the Major Issues Lecture Series sponsored by the Ashbrook Center. The topic of Rep. Oxley’s address, "America on the Rebound: The Resilience of the U.S. Economy," will be given on Tuesday, January 27, 2004, 12:00 p.m. at the Myers Convocation Center, Ashland University, Ashland, Ohio. This event will be broadcast live on the Internet at: http://live.ashbrook.org. The Ashbrook Center teaches the meaning and significance of America by providing an academic forum for the study, research and discussion of the principles and practices of American Constitutional government and politics. The Ashbrook Center’s programs are directed to the scholarly defense of individual liberty, limited constitutional government and civic morality, which together constitute our democratic way of life. Tickets are available at $20 per person for the luncheon and lecture. Call Sally Blair at 877 289-5411 for more information. for more information on the Ashbrook Center, visit the Ashbrook Center website: www.ashbrook.org.
