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Finance According to a recent survey conducted by Mercer, a benefits consulting company, stresses that employees under employer-provided group coverage Florida health insurance plans might be spending more on healthcare premiums next year. In 2012, it is expected that the cost of group Florida health insurance rates will increase by eight percent. With this predicted spike in group premiums, many of the more than 100 businesses in Florida participating in the Mercer survey said they plan to switch to high-deductible health plans. This would decrease their out-of-pocket expenses for healthcare. With the continued rise in coverage rates, the need to lower out-of-pocket costs and generate savings is increasing. Health Savings Accounts Provide Solution To Increasing Health Care Costs Basically, high-deductible health plans (HDHP) offer you premiums 40 percent less than traditional co-pay plans. Since there is higher cost-sharing on the part of the policyholder with HDHPs, in return, you get to pay lower monthly premiums. Speaking of HDHPs, there are certain high-deductible Florida health insurance plans that can be combined with tax-advantaged accounts that allow tax-free withdrawals to pay for qualified medical expenses. As long as you have a high deductible of at least $1,200 for individuals and $2,400 for families, you are qualified to set up a Health Savings Account plan. Health Savings Accounts debuted in the insurance industry in 2004. Ever since, more and more are enrolling in HSA plans due to the numerous advantages it brings. Compared to the other traditional forms of health coverage, HSA plans have fewer rate hikes and lower premiums. Aside from low premiums and fewer rate hikes, preventive care services such as physical exams and screening procedures for cancer and other illnesses are 100 percent covered. This is even before meeting your deductible. That would mean no co-pays or co-insurance for preventive care with in-network providers. That is made possible by the health care reform law by President Obama. Health Savings Accounts And Health Reimbursement Arrangement Extends Help To Florida Health Insurance Many employers are discovering they can cut the costs they spend on their employees’ health care with Health Savings Accounts. Employers can make contributions to their employees’ HSA and that contribution can be deducted from the annual income tax the employer pays. Employees have the option to use their HSA fund to pay for qualified medical expenses not covered by their health insurance. Withdrawals made to pay for qualified health care costs are exempted from taxes. Even if you decide to leave your job, the money is yours to keep. You can even use your HSA to build your retirement savings. Just like an IRA, HSA provide tax-free earnings and tax-deductions that can benefit both employers and employees at the same time. Another way to reduce your taxes is to enroll in Health Reimbursement Arrangements (HRA). HRA was created under Section 105 of the U.S. Tax Code. With an HRA, employers can reimburse their employees’ medical costs. You can use an HSA in conjunction with an HRA as long as their functions do not overlap. Reimbursements for HRA could not go to deductibles meant for Health Savings Accounts. About the Author: 相关的主题文章:

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