The Universal Savings Account

Combining Medical and Retirement savings accounts is a Great idea! It's an idea I've thought of myself. I extend it one step further - include education spending as well... and call them UNIVERSAL SAVINGS ACCOUNTS:

Choice Agenda: Universal Savings Accounts - “USA Saves” - This simplifies the plethora of tax-advantaged programs by making a simple and portable “USA” that covers the current Coverdell IRA, IRA, Roth IRA, HSA, etc. A simple pre-tax and tax-advantaged account for all qualified expenses, including healthcare and education, would be a key component of the ‘choice agenda’ for education, healthcare and retirement.

This can be used for tax-free expenditures in health and education and can be used as a vehicle for retirement. The flexibility means that you can - if you need - dip into it for medical emergencies, and for those with children ,you dont have to divide between your kids college and your retirement. Why not one savings account for all these purposes?