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The word is out about Health Savings Accounts (HSAs) and the opportunity they offer. HSAs have been marketed on radio and television as the new "medical IRA." How can this benefit EMS, and, if it's so good, why aren't more employers offering it?
What Is an HSA?
The HSA is like an Individual Retirement Account (IRA). Both allow tax-deductible contributions and tax-free growth. Withdrawals from HSAs for qualified medical expenses are tax-free. In most states, there is an additional benefit, because contributions to the HSA account are exempt from state income tax. Another nice feature of HSAs: Anyone can deposit money into your account In most cases, employers can fund a portion of the deductible associated with the qualifying highdeductible health plan.
There are many factors causing the escalating cost of healthcare benefits: an aging workforce, research/development and overutilization of healthcare services. As the population ages and the public continues to overutilize healthcare, our health premiums are likely to continue to increase at a rate greater than that of general inflation.
How do we, as EMS providers, take control of our...