USCF Healthcare Savings Account (HCSA)
The Healthcare Savings Account is utilized as an important resource to help control healthcare costs while improving the efficiency of America’s healthcare system. Each citizen’s HCSA accumulates funds for the USCF healthcare programs they are required to participate in. HCSA is used to pay for medical care universally without any copay or deductions. The HCSA is completely portable between jobs and can be utilized anywhere in the world when the member needs medical care.
The HCSA is very similar to existing Health Savings Accounts (HSA). Citizens who have a current Flexible Savings Account (FSA) or HSA will have them converted into a HCSA with no loss of coverage or benefits. The USCF HCSA accumulates funds at a rate that will typically exceed the yearly healthcare needs of most individuals, particularly healthy young adults. HCSA funds roll over year-to-year and are secured in an account that gains interest at a minimum rate of 2% above the Federal Fund Rate. HCSA funds may be invested in higher yielding options when certain conditions are met.
Until the federal debt is paid off in full, adult members will contribute 1% of their Yearly Gross Income (YGI) for each required USCF healthcare program. Citizens contribute to their HCSA even if they are only employed part-time or only engage in volunteer work. The employer, the citizen’s state, and the federal government each contribute equally to a citizen’s HCSA based on the citizen’s YGI. Yearly contributions max out at $10,000 for each required USCF healthcare program and the employer, state, and federal government match funds to meet that threshold. Adult members are required to participate in Primary Healthcare (PHC) and Essential Healthcare (ECH); therefore, they contribute 2% of their Yearly Gross Income and accrue $20,000 each year into their HCSA. Citizens who are required to participate in the Chronic Healthcare (CHC) and Mental Healthcare (MHC) programs would pay an additional 2%. They would accrue $40,000 each year in their HCSA. The state and federal contributions end when a citizen’s Yearly Gross Income exceeds $250,000. Employer contributions will end when a citizen’s YGI exceeds $500,000.
Primary Healthcare (PHC) and Chronic Healthcare (CHC) are free for children throughout the school year as long as they are enrolled in school. School districts have the responsibility to ensure the healthcare and/or special education needs for every child within their district is covered as a requirement of Primary and Secondary Education Funding. Under USCF each child also has a Flexible Savings Account (FSA) that receives $12,000 per year until the age of eighteen. The FSA is designed to serve several needs, including as an emergency fund to cover Essential Healthcare (EHC), if needed. After the age of eighteen a member’s FSA is converted into a Healthcare Savings Account.
USCF members maintain and manage their Healthcare Savings Account with the support of their employer or State Management Service (SMS) if unemployed . It is advisable for families to enroll together with the best care provider to help keep their cost low; however, they may use any hospital, free-standing, or walk-in clinic as every care provider is required to accept HCSA and PSEF payments. USCF members having difficulty meeting HCSA obligations will be required to work with their State Monitoring Service to resolve any issues. Citizens may always seek additional information and assistance from their State Management Service, if needed.
All USCF healthcare programs have no copay or deductions. Additionally, once the federal debt is paid off, it is the goal of USCF to eliminate the requirement of citizen contributions. These things can only be accomplished within a free market economy by a healthcare system that is devoid of Fraud, Waste, and Abuse (FWA). Any citizen, including healthcare professionals who are suspected of FWA will be investigated by their State and Federal Monitoring Service. Citizens found engaging in FWA will have their USCF account frozen, will not accrue funds until absolved, and may have benefits placed on hold or removed entirely.
Click here to read about USCF Primary Healthcare (PHC).
Click here to return to USCF Healthcare Reform.