President Bush Promotes Use Of Health Savings Accounts At Forum In Oklahoma

Main Category: Health Insurance / Medical Insurance
Article Date: 17 Sep 2008 - 7:00 PDT

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During a forum about health savings accounts on Friday, President Bush promoted expanded use of HSAs and raised concerns that the U.S. health care system is "drifting toward nationalization," the Oklahoman reports. The forum was held at the Presbyterian Health Foundation Research Park Conference Center in Oklahoma.

During the forum, which included about 15 participants, Bush said that high-deductible health plans with HSAs, which allow individuals to take more responsibility for health care decisions, can help address the health care "crisis" in the U.S. He said that such health plans can encourage small businesses to provide health insurance for employees because they reduce overall health care costs for the companies. "There are two issues, it seems to me, facing small business," he said, adding, "High taxes and health care."

Jennifer Fogg -- president and chief operating officer at Oklahoma City-based Asset Group Inc., a general construction contractor -- said the company has begun to see benefits from offering workers HSAs. Fogg said, "Last year I paid almost $300,000 in employee benefits and having an HSA has actually helped me control costs," she said. However, she added, "It takes a significant educational process. We have found historically that any time we make changes to the health benefit plan it is a challenge to the employees. They don't like to have their health insurance program to be messed around with."

Other speakers at the forum also reported positive experiences with HSAs, the Oklahoman reports. Small business owner Cher Bumps said that she contributes $1,000 to HSAs for single employees and $1,500 for married employees. Bumps said, "Most companies don't finance employer contributing, which is why they haven't been as popular" (Stafford, Oklahoman, 9/13).

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