Source: Independent Institute
by John C Goodman & Pete Sessions
“Health economics tells us there are two ways to insure for anything: self-insurance (with individuals taking the risks and saving to pay for them) and third-party insurance (in which an insurance company, an employer or the government bears the risk). Self-insurance makes sense for risks over which we have more personal control. For example, just about every time you have needed a Band-Aid, it was probably for an event you could have easily avoided. The problem is that most people are not accustomed to self-insuring for medical expenses. The median household has only $8,000 in a bank account, and millions of families are living paycheck to paycheck. The solution to that problem is a Health Savings Account.” (04/20/26)