Are you a small business owner with a co-pay health insurance plan? Savings for small business owners with fewer than sixteen employees that switch to a health savings account with a high deductible plan increase savings by as much as 40%. Small business owners and their employees lose big having to pay the high maintenance costs of a low co-pay health insurance plan. The high maintenance costs are the out of pocket expenses or high premiums paid for medical expenses under a low co-pay plan. Health savings accounts legally carry no co-pay have low premiums and are tax deductible. Health savings accounts also generate interest and savings for the employee and employer and are therefore more financially feasible for small businesses. The benefits and savings of tax deductible health savings account plans are enormous for small business owners seeking health benefit provisions for employees. Health and medical savings accounts to consider that cut insurance costs are:
Health Savings Account (HSA)
Health savings accounts are up to 100% tax deductible and offer rollover monies for employees who don’t spend the full amount of Health Insurance funding given each year by employers. Monies used for certain medical expenses are free of tax. Interest and dividends earned is also tax free. HSA’s are used in conjunction with a major medical policy or high deductible heath care plan. Employees enjoy benefits such as employer contributions and account ownership as opposed to employer ownership. Employer contributions are also exempt from taxes on payroll. Employees conveniently own all HSA accounts and can transfer it from current employers to prospective employers with any and all funds. And since account revenue roll-over each year it is financially wise for retiring workers. Individuals with a high deductible health plan can open a health savings plan as well as contribute to it.
- It’s Not A Tax On The Middle Class…Unless It Is (captainwhitebread.com)
- OBAMACARE: SEVEN NEW TAXES ON CITIZENS EARNING LESS THAN $250,000 | breitbart.com (gloucestercitynews.net)
- ObamaCare’s 7 Tax Hikes On Under $250,000-A-Year Earners (forbes.com)
- Small businesses’ slow recovery could mean trouble for small towns (columbiamissourian.com)
- How Much Can I Save On Health Costs? (nase.org)