"DECREASING" THE COST OF HEALTH INSURANCE

The Medicare bill that was signed into law on Dec 8, 2003, established an innovative insurance program for employers and employees called a Health Savings Account. This revolutionary vehicle will help many employers, big and small, save taxes and save money on health insurance premiums. An HSA is a...

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Bibliographic Details
Published in:Supply House Times 2004-03, Vol.47 (1), p.60
Main Authors: Basi, Bart A, Basi, Roman A
Format: Article
Language:English
Subjects:
Cost control
Employee benefits
Employees
Employers
Health care expenditures
Health insurance
Health savings accounts
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Summary:The Medicare bill that was signed into law on Dec 8, 2003, established an innovative insurance program for employers and employees called a Health Savings Account. This revolutionary vehicle will help many employers, big and small, save taxes and save money on health insurance premiums. An HSA is a tax-exempt account that is created for the purpose of paying qualified medical expenses. The HSA can be funded by the employer and/or the employee. An HSA has many benefits for employees. One benefit is that an HSA can have up to 100% of the annual deductible for the individual or family contributed to it. There are also benefits to the employer. For example, an employer is not taxed on the amounts it contributes to the account, and these amounts are also not subject to withholding from wages for income tax, PICA, or FUTA.
ISSN:0039-5935
1937-4445