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Boustany Praises GAO Report on Success of Health Savings Accounts as New Option

Apr 30 2008
 
Washington, D.C. – U.S. Representative Charles W. Boustany, Jr., MD, R-Southwest Louisiana, today applauded a GAO report which showed more Americans are enrolling in tax-free Health Savings Accounts.
 
“Today’s GAO report shows how popular tax-free HSAs have become among American families in just three years,” Boustany said. “Democrats should stop trying to dismantle this coverage option.  These accounts help cover the uninsured and lower health costs with preventive care, lower cost medicines and fewer visits to emergency rooms.  One out of ten covered families in Louisiana chooses an HSA plan, and they should be allowed to keep them.”
 
The Government Acocuntabiltiy Office released its report titled Health Savings Accounts: Participation Increased and Was More Common among Individuals with Higher Incomes. As the title suggests, the report found more Americans participating in HSAs. More individuals and families joining HSAs should lead to greater control and competition in the health insurance market, leading to lower premiums and out-of-pocket costs.
 
According to the GAO’s report:
“Participation in HSAs also increased significantly between 2004 and 2007. IRS data show that the number of tax filers between the ages of 19 and 64 reporting HSA activity nearly tripled from about 120,000 in 2004 to about 355,000 in 2005. In addition, although industry estimates varied, all indicated continued growth in HSA participation in 2006 and 2007.”
 
Boustany introduced the Promoting Health for Future Generations Act of 2007 (H.R. 2639) to allow seniors and veterans to buy HSAs. In addition, the Boustany bill would permit Americans to save more for future health and retirement needs.
 
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