HSA’s are totally sick!
Developing content shares many of the same challenges that any business does — one of the biggest being finding an effective way to provide affordable health insurance for you and your employees.
We got incorporated in 1995 but I didn’t quit my day job until 1999 so I was able to put off this challenge for a while.
After the tables were turned and I was sitting on the employer’s side of the table as well as the employee’s I started looking more closely at the issue. That research prompted me to get involved with one of the early pilot programs for something called a Medical Savings Account, known as an MSA.
There were some hoops I had to jump through to be eligible for the MSA program but when I found these things I said WOW and was willing to put forth the effort.
The way the MSA policy worked was that you bought a high deductible health care policy and combined that with an IRA type savings account that allowed you to deposit up to 67% of your deductible amount in the MSA. You then draw the money out of your savings account to pay all your medical expenses up to your deductible.
What if you are blessed and have a good year and don’t have many medical bills? That money stays in your savings account and it accumulates, year after year. Sweet.
Another plus was that the policies that were available with MSA’s weren’t super restrictive HMO type policies but the usually more attractive PPO which gives you more choice in choosing physicians etc…
Last year the MSA pilot program was essentially ended when Health Savings Accounts, HSA’s, were included as part of the 2003 Medicare Modernization Act. The drug plan got most of the attention but HSA’s were a big part of why some people supported passing that plan.
HSA’s work about like MSA’s, but are even better. You can deposit 100% of your deductible amount into a tax deductible savings account with an HSA.
They may not be right for everybody, but if you are wondering how you are going to handle providing you or your employees health care, you may want to take a look at HSA’s as an option.
Have had one for a few years now, I am a believer.
I have found that HSA Insider is one of the better sites to start your research at.
Good luck.
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