In the book Taking Sides: Clashing Views on Economic Issues, by Frank Bonello and Isobel Lobo, one of the topics discussed is whether or not health savings accounts are working productively. On one hand, some people argue that health savings accounts are indeed working effectively. On the other hand, many would contend that they are senseless. This book acknowledges both sides, the yes side and the no side. This gives us as readers the opportunity to choose a side with ample information made readily available to us without having any bias. I am going to discuss the yes and no side, as well as my own opinion based on my findings. There are many reasons as to why some people are for investing in health savings accounts. It is made known in this …show more content…
The majority of this group is the middle-class people who are unable to afford the deductible to open a health savings account. In their defense, I think that having an outrageously high deductible is unfair to those who aren’t able to be able to afford opening a health savings account based on the cost of the deductable. “The related issues of a large and growing number of uninsured Americans and the escalating cost of medical care create problems of limited access to necessary medical care for millions of Americans, financial hardship for many households, and severe budgetary pressures on the public health care safety net as well as on federal and state government.” (Bonello, Frank, and Isobel Lobo. Pg. 82) Health savings accounts are highly appealing to the wealthy people because they are tax advantages that come along with having the opportunity of acquiring a HSA. People who cannot afford health savings accounts typically tend to use health care services. Currently, health savings accounts are not as popular as their advocates anticipated, they only make up about 2% of the health insurance market according to the United states Government Accountability office. (US GAO …show more content…
It is unfair for one socioeconomic class to be able to take advantage of something that another is not able to use. This is benefitting those who can afford it, but what about those who can’t. Just because you are bringing in more money than another individual does not mean you should be eligible for better opportunities based upon health care costs. I think that if health savings account deductibles were lower and more reasonable then this would be something I might agree with. Since the deductibles for these plans are so high, this can cause patients to seek less care, which could also have a major effect on the individual’s long- term health. Even though health savings accounts offer lower premiums, lower income families still are unable to afford the high deductible plans, which results in lower income families staying uninsured. Lastly, health savings accounts are basically tax shelters for the wealthy individuals and contribute barely any benefits for the middle and low-class families, which is another issue I do not agree