The United States Health Care Crisis, Private Health Savings Accounts, And Bankruptcy

The United States currently stands on the precipice of a national health care crisis as millions of middle-and lower-income Americans are unable to afford insurance premiums or are threatened with the loss of health insurance entirely due to affordability concerns. The present catastrophe can be traced genealogically to the United States neoliberal economy with its intentional aims of privatizing social problems along with shifting risks onto individuals and families. This trend is exemplified by the rise of consumer-driven health care promoted by conservative politicians and think tanks, which intentionally redirects health care costs away from private employers and governments towards increasing financial burdens upon households. The bedrock of consumer-driven health care tethers a high-deductible health insurance plan to a private health savings account, whereby families are expected to save significant sums on their own to pay for ongoing medical needs. Since their adoption by the federal government in the Internal Revenue Code, research has demonstrated that these private accounts primarily benefit wealthier households who can invest funds in a health savings account with any accrual.