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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: TigerPaw who wrote (14468)	9/9/2022 9:59:05 AM
From: robert b furman	Read Replies (1) \| Respond to of 26422

Hi Tiger Paw, Health Savings Accounts were piloted in Wisconsin back in the days of Governor Tommy Thompson. They became big when W Bush was president. Workers could take income into their portable HSA as a tax free deduction from their pay check. It was greatly received, and with the passing of Obama care, the larger deductibles were better able to be absorbed by the working class who had built HSA's. The funds allocated to the HSA's had to be held by a bank. Wisconsin banks were bought up by New York banks that wanted to low cost savings deposits that were sticky. Once absorbing the HSA monies, the New York banks sold the local retail banks back to Wisconsin banks who wanted to roll up the small rural locally owned banks. I think the HSA monies should be better placed in a bank that offers FDIC insurance on the deposits. Relying on unions and/or management to protect those worker's funds injects an unneeded factor of risk. JMHO Bob