October 13, 2004

George W. Bush Has a Good Idea

Mark your calendars. You'll want to remember where you were on this day in history. Today, the New York Times is reporting, President George W. Bush has a good idea. Read the article here.

The idea is for what the President calls "health savings accounts". This is the way it works: You get health insurance with high deductible (say around $5,000) and a very low monthly premium. The rest of the money you would spend on health care, goes into a special tax-free savings account, which you can withdraw from for any and all health-related expenses. If you have a healthy family and don't spend the money, then at the age of 65 you can withdraw the money and use it for any purpose you wish. This puts the people and the free market, not the HMOs in charge of the kind of healthcare we get. It also rewards people (and, through them, doctors and pharmacies) who find the best value in health care, as in other areas. Were it widely adopted, the plan would be able to lead to further deregulation of the health care industry. Power to the people!

Posted by Kenny at October 13, 2004 10:23 AM
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