Friday, July 29, 2005
Eagle highlights WIBA HSA plan
[Deb Gruver, "Help for small business," The Wichita Eagle, 29 July 2005.]
The Wichita Independent Business Association's decision to offer health savings accounts to its members is saving significant costs for some. Even better, about half of those enrolled were previously without insurance:
WIBA in June began offering two insurance plans featuring health savings accounts to its members.
The nonprofit group joined with Intrust Bank and Preferred Health Systems to offer the plans, which couple a pre-tax savings account with high-deductible health insurance.
Wichita real estate agent Myrna Haas already had health insurance, but when the Wichita Independent Business Association began offering a new plan earlier this year, she switched to save money.
"My premium was so high before," said Haas, an independent real estate agent.
Haas liked the concept because of the tax benefits.
The plan she chose has a $2,500 deductible, which is high but will save her money on premiums. WIBA's other plan has a $4,000 deductible.
She previously had a plan with a $500 deductible that cost about $670 a month. Her new plan's premium is $479 a month, and she's putting $200 a month into the savings account.
"It's a win-win situation, it seems like to me," she said.
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