Fix the Unflexible Flexible Health Care Spending Account

I think universal health care is conceptually a nice idea but fiscally unrealistic . I don't know how we pay for it but I have a suggestion that should allow each of us to save for unexpected health care bills that can break the bank.

Many people have access to flexible healthcare spending accounts. These accounts are great for supplementing co-pays, out of pocket medical expenses, medicine and other medical expenses pre-tax. The problem with these accounts, per IRS rules, is that you have to exhaust the funds by the end of the year or you lose the funds. So in reality, you really only save for estimated expenses that you know that you will spend in a year and at the end of the year you might run out and buy a bunch of aspirin or cold medicine to exhaust your funds. In addition, from a cash flow standpoint, most people can really only contribute a small amount each year.

My suggestion, why not allow these accounts to roll-over each year tax free? Since many medical expenses are a surprise, this roll-over may pay for the costs that you are responsible for paying depending on the year of the expense and the amount accumulated. This would allow for improved individual responsibility of medical expenses. Pre-tax gives you an immediate rate of return and Congress can structure these accounts so that the administrators can give investment choices for these accounts that allow them to be invested in vehicles that match inflation. We don't need big returns on these accounts, just keep up with inflation. In addition, small administrative fees could be collected by the holding company to manage the accounts.

If you invest in your 30s and don't have a major expense until you are 60, you would have 30 years of pre-tax dollars to help cover the medical expenses. In addition, just like today, if the funds are used for medical expenses, no tax consequence. Finally, I would suggest that these accounts could be passed down to the estate for future medical expenses. If someone takes money out of the account for anything other than healthcare, severe tax penalties would result and appropriately so.

The problem with our saving structure today is no one can really save for unforseen medical expenses. I haven't heard any candidate suggest this, so there could be a hole in my thinking, feel free to respond and give me your view on my suggestion. Shoot holes in it.

My All Fantasy Football Political Team

In honor of the start of the NFL season and the beginnings of a hopefully successful fantasy football season, I will provide my All Fantasy Football Political Team. This team has 1 Quarterback, 2 Running Backs, 2 Wide-Receivers, 1 Flex, 1 Tight End, 1 Kicker and 1 Defense/Special Teams.

QB - John McCain. I want someone that can hit the hail mary pass and McCain did it with his choice of Palin. He avoided the career ending sack in Hanoi. In addition, he showed he is in charge with his electrifying ending of his speech at the convention.

RB1 - Al Gore. He invented the internet. He flies around the world burning fuel to promote global warming to save the planet. If anyone is capable of rushing 2000 yards it's this superman and I want him on my team.

RB2 - The Republican Party. Nobody avoids the potential tackles from George Bush and Dick Cheney better than the Republican Party at their own convention. Cheney wasn't even there and Bush appeared through video. Anybody that can run around a political nightmare like that, I want on my team.

WR 1 - Sarah Palin. She caught the deep pass from McCain and took it in for a touchdown. Based on the fact that she has entered the national scene for about a week and is already more popular than Obama or Hillary, I see many more touchdowns in the future.

WR 2 - Lynn Swann. The hall of famer wide receiver has been campaigning for McCain. He has caught the deep ball by avoiding the "you should support Obama because you are African American" and stuck to his core principles. I want the HOF Wide Receiver on my team.

Flex Position - Joe Lieberman. No one is a more flexible player than Lieberman. He's a democrat, who runs as an independent, who campaigns for a Republican. How much more flex can you get than that? He also mentioned Bill Clinton's name at the Republican convention and got an applause. He's good, I have the ultimate flexible player and he is in my starting line up.

TE - Joe Biden. Anyone more tight than this guy? Looks like his head is going to explode at any moment. I saw a press video of him hugging two older women twins at the same time, one in each arm, and I thought their heads were going to pop off. I want this guy as my tight end.

K - Fred Thompson. His poor campaigning shows he can't quarterback but his speech capabilities and one liners make him a great field goal kicker. Bring him in when the offense is sputtering a bit, he will be consistent.

Def/ST - The 2008 Republican Presidential Candidates. The non-winners have shown up and played defense and have attacked the Dems. Giuliani, Romney, Thompson and Huckabee were blasting away at the Repub convention, at the Dem convention, on the talk show circuit and at press conferences, you name it and they have been there. Where were the former dem candidates over the last week?