John Goodman, president of the National Center for Policy Analysis, told CNBC’s “Morning Call” that Health Savings Accounts are growing faster than IRAs at the “same point of their evolution.”
“These accounts empower the patient,” Goodman said Monday. “They allow patients to manage some of their own healthcare dollars. If the patient doesn’t manage the money, it will be the employer, an insurance company or government. Patient power is important and leads to higher quality.”
President Bush created Health Savings Accounts in 2003 when he signed the Medicare Bill. HSAs are intended to help individuals save tax-free for future qualified medical expenses and retiree healthcare expenses. Bush is discussing the future of HSAs today in Washington.
“These are the fastest growing financial accounts ever,” Goodman said. “They’re growing faster than IRA accounts grew at the same point in their evolution.”