The Scam that is Health Savings Accounts

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10. I agree with most of what you wrote, but...

there seems to some misconception about health savings accounts. HSAs are always combined with a high-deductible health insurance plan. They are not intended to be used alone to pay for ALL health care costs, just the portion not covered by insurance. So you wouldn't have to pay the entire bill for a $35,000 surgery, unless your insurance was cancelled but you still had the money in the HSA.

HSAs are a good tax avoidance strategy for people who can afford to put money into them, but you're right, they're basically useless for the average working family, who already have to put money aside to save for retirement, save for college, and pay insurance premiums, taxes, and food, shelter and clothing.