61% in Deep Blue Wisconsin Want State Health Care Reform to Encourage Health Savings Accounts

In the solid Blue Democratic state of Wisconsin, HSAs have serious political traction. In a recent Badger Poll that ranked health care as the number two issue of concern for the citizens of Wisconsin (taxes ranked first), the poll asked respondents about solutions to the health care crisis. There is a strong consensus in the state to expand existing programs for low-income people (82%) and for a must-buy health insurance mandate (72%). Here are the HSA poll numbers: 61% want Wisconsin to encourage putting money in tax-free Health Savings Accounts. The irony here is two-fold, one this is a solid Democratic state, and two, Wisconsin is one of the few states that will not allow a State income tax deduction for HSA deposits. Here is the article from
Wisconsin Journal Times.

Governor Bill Richardson Advocates Abolishing Health Savings Accounts

Showing a distinct lack of understanding of HSAs, Governor Richardson said he wants to abolish HSAs because “They put working families at risk. Most families cannot afford to pay the … out of pocket costs,” according to the Wall Street Journal. HSAs give anyone who has one a triple tax advantage of tax-free deposits, tax-free interest build-up and tax-free withdrawals for health care expenses, meaning that you get to meet your deductible with tax-free money. Plus, the lower premium of the HSA-qualified insurance means you fund the account with money that used to be going to insurance companies, and now goes in your own pocket in the form of tax free deposits into your account. This increases the buying power for working families by the amount of their tax rate — a huge savings.

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