The Affordable Care Act (ACA or Obamacare), became law in 2010. It was designed to slow rapidly rising health care costs and to provide affordable health insurance to every legal resident in the United States.
Health Savings Accounts make a lot of sense–at least, on paper.
For account holders, they provide a triple tax advantage. Money set aside, earned or withdrawn from the accounts to pay for medical expenses is all held out of Uncle Sam’s reach. Also, any untapped money can be used to supplement retirement savings and pay Medicare costs after age 65. Plus, there is the added benefit that the accounts encourage consumers to sift through their health care options for the most cost-effective options, since any savings go directly to their bottom lines.