Wisconsin Restaurant Association: Supports Health Savings Accounts Legislation
Sara Stinski at 800.589.3211
The Wisconsin Restaurant Association (WRA) is calling on Governor Doyle to approve recently-passed legislation that would provide for state income tax incentives for contributions to Health Savings Accounts (HSAs).
“This is an important step toward addressing the sky-rocketing cost of health care,” says Paul Merline, WRA Government Relations Specialist. “This makes sense for both employers and employees.”
Included as part of the Medicare reforms signed into law late last year, HSAs hold promise for individuals who currently have high deductible health insurance coverage.
This law allows qualifying individuals to take control of health care costs by saving tax-free dollars, earning tax-free interest, and withdrawing these dollars tax free to pay for qualifying medical expenses.
Like Individual Retirement Accounts (IRAs), HSAs are owned by the individual, not by an employer.
In addition to the tax-free nature of HSAs, other significant benefits include the freedom of choice for medical service providers, an emphasis on preventative medicine and long-term growth potential. Because they earn interest, HSAs offer the only way to actually “make money” with a health care plan.