Health savings accounts (HSAs) were enacted in 2003 to helpAmericans cope with the increasingly popular high deductible healthplans that offer low premiums, but higher out of pocket costs. Byallowing people to fund an account to pay for qualified medicalexpenses, HSAs offered a significant tax benefit in that thecontributions are made tax-free, the money in the account can beinvested to grow tax-free, and qualified medical purchases can bemade tax-free. According to Devenir, 28 million Americans are ableto take advantage of this tax break. Why can't the other 225million Americans who are covered under some other type of healthinsurance have the same opportunity?

While the health insurance landscape has evolved significantlysince 2003, HSA eligibility requirements have not adapted alongsideit. A recent Kaiser Family Foundation report found that theaverage health plan deductible now exceeds the minimum deductibleneeded to qualify for an HSA, yet HSAs are still tied to oneparticular type of health insurance. The requirement to have a highdeductible health plan (HDHP) to enjoy the benefits of an HSA is arequirement that needs to be revised.