Mandatory medical accounts

Mandatory medical accounts

The government is moving fast to implement a health care system. I have no doubt the president feels his plan is a compromise, since he has said he prefers a “single payer plan.” The government’s plan would shift the power to the insurance companies and in return press those insurance companies to take on obligations they would normally not consider. Many believe these obligations would cripple the industry. In addition many of the people not buying health because they feel it would be impractical, would be forced into buying insurance. I feel there may be another compromise that could work. Why not transfer the power to the people?

This can be done using medical savings accounts. The reason the accounts are attractive is that most people have long periods in their lives where they are reasonable healthy. In these periods people can accumulate funds for later use. The plan would work as follows.

Everyone would have their own medical savings account. The money in the accounts would be used for that person’s medical expenses at their discretion. A percentage of the individuals gross income would be deposited in the account. I would recommend 16.5 percent since that is close to the sixth of the economy health care currently comprises. The money would be deposited into a FDIC account up to $250,000. At that point the individual would be obligated to pay 5 percent of their income as tax. In order to make the transformation to this system, a cap would have to be placed on the monthly liability the individual would be subject to. I would recommend 16.5 percent. Medical providers would also have to be limited to 2 percent interest per month on unpaid balances.

The state would be responsible for unpaid balances once all revenues subject to the individual have been exhausted. Upon the individual’s death, half of the remaining money would go to the state. The other half could be willed to a family member’s medical account.

In the long run I feel this system would be a better plan. It would free up the government to do its work. It would free up businesses to do their business. It would also free the individual from medical related oppression.

Robert G. Mossman, Youngstown