Types of Medical plans in the United States

On December 8, 2003, President Bush signed The Medicare Prescription Drug, Improvement and Modernization Act of 2003 into law, creating tax-deductible Health Savings Accounts. This gives consumers a new alternative to pay for health care expenses. the HSA is a private bank account which is un-taxed and only penalized if spent on non-medical items or services. Because it must be part of a high deductable insurance plan, the HSA insurance generally has a very low monthly premium and allows mostly healthy people to bank money for their own healthcare expenses rather than give it to the insurance company.