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Even highly touted proposals for Health Savings Accounts have been weakened with restrictions and limitations that will severely limit the number of people who can take advantage of them . The current annual limit for Coverdell Education Savings Accounts ( ESAs ) is $ 2,000 . Thank you Richard , and thank you for hosting this year 's luncheon and meeting of the U.S. Savings Bonds Volunteer Committee . Now that contribution limits for both Coverdell Education Savings Accounts ( ESAs ) and Individual Retirement Arrangements ( IRAs ) have increased , the potential of these investment vehicles to accumulate funds for education and retirement needs have also increased . A rollover can be made from certain U.S. Savings Bonds or another Coverdell ESA . Financial institutions who choose to offer Health Savings Accounts can also provide PHR services as part of that package , making use of an existing accounting system which already ensures security and privacy . He has proposed replacing current-law IRAs with Lifetime Savings Accounts and Retirement Savings Accounts , consolidating employer-based retirement savings accounts , and establishing Individual Retirement Accounts for lower-income households for the purposes of education , home purchase , and business start-ups . Medical Savings Accounts HIPAA makes changes to federal tax laws to provide a tax exemption when a medical savings account is set-up in connection with the purchase of a high deductible health insurance plan . In the United States , it seems likely that existing asset accounts IRAs , Medical Savings Accounts , 401 ( k ) s , Individual Training Accounts , Educational Savings Accounts , IDAs and so on will merge into one system . Pinkerton generally favors a libertarian , market-oriented approach based on the principle of personal choice to both economic and social policy - school choice in education , vouchers and Medical Savings Accounts in health care , and ( notably ) gay marriage ( which he unconvincingly defends as a conservative reform ) , all combining in the New Paradigm of " an upwardly spiralling fusion of radical conservative dialectic . This testimony submitted to the Senate Committee on Finance explores the impact of a Presidential proposal to widen the use of Health Savings Accounts , a type of health incentive , on the federal deficit . " According to Melodie Moore , editor of Skinflint News , " Payroll deductions that go directly into your savings account or into U.S. Savings Bonds are an excellent way of saving , since it is money that you never see . You have an incredible line-up of speakers today who will cover a lot of ground , so I want to focus in on a health-care solution that the Bush Administration is proud of because it 's shown a lot of success so far and we , in fact , are encouraging Congress to expand the capabilities of this innovative product : Health Savings Accounts , or HSAs . " In " Medical Savings Accounts : Answering the Critics , " Michael Tanner , Cato 's director of health and welfare studies , writes : " It costs an employer more than $ 5,400 to provide health insurance for a typical American worker today , his or her spouse , and two children . The vouchers , Education Savings Accounts and Title I portability provisions President Bush offered today drain public , taxpayer money from the very programs that ensure public schools will not fail . Medical Savings Accounts HIPAA also establishes a program tax exempt medical savings accounts ( MSAs ) which can be offered to 750,000 groups .