The key to having a thriving private healthcare system in the U.S. is for consumers to have control of their healthcare spending. This could be accomplished by implementing two reforms:
- Establish healthcare savings accounts (HSA) for every American. Contributions to these accounts would be tax-free as long as the money in the account is used for healthcare.
- Eliminate employer-provided health insurance. Employers would be free to contribute money to their employee’s HSA and they would continue to get a tax benefit for doing so. Americans would use the money in their HSA to purchase individual health insurance policies that would be portable; we would no longer have to worry about losing our insurance when we change jobs.
The individual health insurance market needs to be deregulated and Americans should be free to purchase the policy they want.