HSA’s Save Employers (and you) Money
Marty over at The HSA Focal Point has some good stuff to show you how much an HSA can save an employer:
Anyone looking for proof that an HSA-style health plan can save an employer money should read the article posted on jsonline.com.
The article said that thanks to an HSA plan, Manitowoc County (Wisconsin) will save $1.1 million in 2008. Its employees will save $685,000. On top of that Employees pay none of the insurance premium and the county puts $3,000 a year into the employee’s HSA, which fully covers the deductible.
Now - Check this out as well:
An individual can deposit up to $2,850 into their HSA, and a family can deposit up to $5,650. For a family in a 28% tax bracket, this will reduce their taxes by $1,582. If they start their coverage July 1 and apply the tax savings towards their premium, they will reduce their monthly premium by $263. In many cases this will be enough to entirely cover the premium of their high-deductible health insurance plan.
So in other words, your coverage may not cost you a penny for the remainder of 2007.
I suggest, especially if you’re young, that you look into HSA’s as an alternative to traditional health care plans. If you have a great PPO/HMO plan from your employer, congratulation…but don’t rest too easy. Traditional health care plans are becoming too expensive for businesses to manage!