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The HSA is designed to reduce health care costs and to offer a way for a small business to contribute to their employee’s health insurance plans without the costs of having a group plan. The Health Savings Account (HSA) is a tax privileged savings plans offered to taxpayers in the United States to deposit money to cover current and future medical expenses.

The way it works is after an employer sets up an health savings account the employee can then get an individual plan, which makes it more flexible than a group plan. The employer will contribute a pre-determined amount to subsidize the employee’s premium thus reducing their costs.

One of the benefits is that since you aren’t joined to any special medical group or doctors, you can pick your own unlike an HMO where you must choose from a network. Some of the other benefits are that the HSA plans are mixed with a high-deductible plan and it provides a tax free medical cost. The amassed savings are the property of the individual and can move from employer to employer.

Again the contribution made by the employer is tax free. These plans also generally tend to have higher deductibles which make the costs lower for both employer and employee. Thus this plan offers the flexibility of an individual plan with the reduced cost of a group plan, making it a perfect alternative for small business health insurance plans. If you’d like to find out more about insurance for small businesses click on the link below in the resource box.

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