What a week for the markets with yesterday being the biggest drop in 7 years for the Toronto Stock Exchange (TSX). And as I type this, people on Wall Street and Bay Street are panicking, waiting for the bell to see what will happen in the US. So far this morning, the Fed unexpectedly cut interest rates by 75 basis points and U.S. Treasury Secretary Henry Paulson, spoke to the US Chamber about the need for Congress to agree quickly on a package of tax cuts and other measures to boost the economy. Everybody is nervous – especially those with Health “Savings” Accounts south of the border. Some of our US counterparts have their HSA money invested in a wide variety of funds and equities. It is one thing to loose $500 in one day on a bad stock bet. It is another thing when that $500 was to pay for your diabetes medication!
Luckily, I live in Canada. My Health and Welfare Trust does not earn interest for me and I cannot invest the funds. It sits in the account, through good times and bad times, waiting for me to make a claim. The only thing bothering me today is my retirement fund…it is getting battered to pieces. But I have invested in solid companies…so I know they will come back. They always do. So I will sit back, relax, and hope that my HSA colleagues south of the border can afford their medication by the time the bell rings this evening.
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