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March 15, 2010
Health Savings Accounts Help Small Businesses
According to The Wall Street Journal, large enterprises spend about $6,000 for each employee every year for health coverage, and almost half of U.S. small businesses offer no health insurance benefits at all.
With ever escalating costs for health insurance, Congress has provided a new viable option for small businesses to help their employees in the form of Health Savings Accounts. How it that different from a typical group health insurance plan?
A Health Savings Account, often referred to as HSA, combines high-deductible health insurance plans with a savings account that's free of taxes for medical coverage purposes. A HSA plan can lower expenses for both small business owners, and their employees when it comes to health insurance. Most small business owners find that a HSA is a better alternative than the typical group coverage plan.
That’s because the high-deductible health insurance plans used with Health Savings Accounts have lower monthly premiums, contributions to a HSA are tax-free (contributions are not included in gross income), and withdrawals from a HSA to pay for qualified medical expenses are also tax-free.
It’s easy to compare HSA plans and apply online on our website. However, we also understand how Health Savings Accounts work, how much you can deposit, and how you can take advantage of tax savings. We’ll explain your options, and help you find the best plan to meet your needs when you call us at 866-749-2039.
Posted by Wiley Long at March 15, 2010 12:36 PM