Health Insurance and Health Savings Accounts

For a small business the cost of offering a traditional group health insurance plan can be out of reach. Any business with a small number of employees is at a disadvantage when compared to larger companies. A good alternative may be Health Savings Accounts combined with a high deductible health insurance policy.

A Health Savings Account allows employees to set aside money to help pay medical costs. When combined with a low cost high deductible Health Insurance plan a Health Savings account can lower health insurance costs considerably. The employer can add to the account tax free. The money belongs to the employee and can be used for medical expenses of almost any type.

What are the benefits of a Health Savings Account? Medical expenses are paid with pre-tax dollars, resulting in a discount. The employee can roll unused funds over to the next year. Employer contributions to a Health savings Account belong to the employee and they can take the money with them wherever they go. Should a major illness occur, the health insurance policy kicks in once the deductible is met.

Health Savings Account

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