December 8, 2005
JS-3040

Statement of Secretary John W. Snow
On the Anniversary of the
Creation of Health Savings Accounts

"Two years ago today, with the stroke of President Bush's pen, an historic health-care product was born. Today, over a million Americans – a large portion of whom were previously uninsured –are enjoying access to more affordable health care because of the tax advantages and savings benefits of Health Savings Accounts (HSAs).

"Choosing an HSA puts patients in charge of their health-care purchasing decisions, and that's why their creation was so important. Similar to retirement-saving tools like IRAs, HSAs were designed to help individuals take more control over how their health care dollars are spent and save for future medical and retiree health expenses on a tax-free basis. I'm pleased that more employers are choosing to offer HSAs to their employees every day, and I encourage all employers and individuals to consider them as an attractive alternative to traditional health insurance."