Thursday, December 16. 2010
Wisconsin residents looking for affordable health insurance quotes and flexible savings accounts just got some good news. Governor Scott Walker has a plan to help people save money.
Walker is proposing to end state taxes on health savings accounts. The measure is designed to help small business and could be presented to the legislature as early as January.
"Employees and small businesses need to have the flexibility provided by HSAs, and there's no reason they should be taxed," says Walker. "This will make health care more affordable for folks who use HSAs."
Walker says consumers as a whole can save as much as $8 million a year with their HSA if it is tax-exempt.
Another way people can save money on their health insurance is by choosing a high-deductible plan. With such plans, monthly premiums are lower than a traditional policy, but more out-of-pocket expenses must be paid before coverage kicks in.
High-deductible plans may be a good option for those who are young and in good health. Those with children, however, who find themselves frequently making doctors' visits may not realize savings.
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