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Health Savings Accounts may be the prescription for you or your employee's health insurance.
If your pharmacy is like most small businesses, one of your biggest concerns, and expenses, is health insurance for you and your employees. There is an exciting alternative to HMOs and PPOs (which have cost you thousands of dollars in annual reimbursements) that offers outstanding health coverage, a 100% tax deduction and investment opportunities... Health Savings Accounts (HSAs)!
The U.S. Government created HSAs (formerly Medical Savings Accounts) as an alternative to health programs that have been designed for large employers. HSAs allow healthy, small employers or self-employed individuals the best of many benefits, including:
1. High deductible health insurance at a reasonable cost;
2. Annual income tax deductions on money that you get to keep;
3. And, a tax-free savings (investment) account
HSAs require participants to select a high-deductible health insurance program through a certified health plan, such as Blue Cross. You pay a premium to the health plan (monthly, bi-monthly or quarterly) for a pre-selected high-deductible insurance program, ranging between $1,000 and $5,100 for singles, and between $2,000 and $10,200 for families. Once your insurance policy has become effective, you may fund your HSA account. HSAs allow you to legally avoid income tax by saving 100% of the health plan's deductible, up to $2,650 for singles or $5,200 for families into your HSA. Note: These figures are according to the Consumer Price Index for 2005.
The money in your HSA can be used to pay for your medical expenses up to your deductible giving you total freedom in how your "first dollar" (money up to your deductible) is spent, without authorizations. Any monies remaining in your HSA at the end of a year can be saved in that account or "rolled over" into an investment or savings account without tax penalties.
MPC has contracted with HSA for America, the nation's leading independent broker of HSA insurance policies, to find the lowest rates and best plans available for our members. For more information on how to set up an HSA for you or your employee's, please contact us today!
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