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Last time HSAs were updated by congress, Nickelback was still a cool band. The year was 2006 and no, there weren’t cars with tape decks in them anymore but you take the point – this product, creature of the tax code that it is, needs some improvements.
With the changing political tides in Washington DC and throughout the US, there is a new drum beat against the current private health care system and the evils of high deductible health plans (HDHPs) and some lawmakers and pundits have included HSAs in their rants. I believe people are making a mistake by confusing the challenges of an HDHP with the benefits of an HSA.
Health Savings Accounts (HSA) were enacted in 2004 and remained relatively untouched until passage of the Affordable Care Act (ACA) in 2010. When the ACA passed Congress and was signed into law there were only 2 items that directly impacted HSA’s.