Monday, May 10, 2004
Christian Science Monitor highlights HSAs
[Jonathan P. Decker, "A better way to pay for healthcare," The Christian Science Monitor, 10 May 2004.]
This is an interesting article from today's Christian Science Monitor that discusses the health and tax benefits of HSAs, and reports on their growing popularity:
It's rare when a government program actually earns heaps of praise from a taxpayer. But when Health Savings Accounts were included in the Medicare Act of 2003, it was exactly what Dave Limberg of Bloomington, Minn., was looking for.
Not only have HSAs reduced healthcare costs for Mr. Limberg's family, the accounts have also kept a lid on costs at Standard Dynamics, a printing equipment distributor with nine employees, where Limberg serves as the company's controller.
"It was a no-brainer for us," says Limberg, who personally pays $490 every month for his wife's three prescriptions. "We had 17 percent increases in premiums over the past five years. Since we implemented HSAs, our overall healthcare costs have remained flat, compared with a 10.2 percent increase had we stuck with our previous plan."
"HSAs are like an IRA on steroids," says John Goodman, the president of the National Center for Policy Analysis, who has been called "the father of medical savings accounts" by former House Ways & Means Chairman Bill Archer. "They are also another way to sock money away, especially when we don't know what will happen with the Social Security and Medicare systems in the future."
[Jonathan P. Decker, "A better way to pay for healthcare," The Christian Science Monitor, 10 May 2004.]
This is an interesting article from today's Christian Science Monitor that discusses the health and tax benefits of HSAs, and reports on their growing popularity:
It's rare when a government program actually earns heaps of praise from a taxpayer. But when Health Savings Accounts were included in the Medicare Act of 2003, it was exactly what Dave Limberg of Bloomington, Minn., was looking for.
Not only have HSAs reduced healthcare costs for Mr. Limberg's family, the accounts have also kept a lid on costs at Standard Dynamics, a printing equipment distributor with nine employees, where Limberg serves as the company's controller.
"It was a no-brainer for us," says Limberg, who personally pays $490 every month for his wife's three prescriptions. "We had 17 percent increases in premiums over the past five years. Since we implemented HSAs, our overall healthcare costs have remained flat, compared with a 10.2 percent increase had we stuck with our previous plan."
"HSAs are like an IRA on steroids," says John Goodman, the president of the National Center for Policy Analysis, who has been called "the father of medical savings accounts" by former House Ways & Means Chairman Bill Archer. "They are also another way to sock money away, especially when we don't know what will happen with the Social Security and Medicare systems in the future."
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