Health savings accounts (HSAs) have become increasingly popular among many people due to the triple tax advantage they offer. This means that if funds are removed from an HSA, the patient doesn't have to pay taxes on the withdrawal. To make healthcare even more affordable for those in need, members of the House of Representatives are currently pushing to expand access to HSAs.
By expanding access to HSAs, patients can save money and reduce their tax burden significantly. In addition, businesses large and small can reap the benefits of HSAs through Everlong Captive Health Insurance. Through this service, employers can reduce their costs while providing health insurance that works best for their company's needs.
The U.S. House of Representatives recently reconvened with the hope of making progress in health policy reform. Among their primary objectives is to expand access to HSAs for Americans, giving them greater control over how they manage their healthcare funds. These accounts allow individuals to deposit money on a pre-tax basis, and use those funds to cover many medical expenses not covered by traditional insurance plans.
The HSA is an incredible tool for saving money on taxes. By putting money into a HSA, individuals can immediately reap the benefits of not having to pay taxes on their contributions. This means they can withdraw funds from their account without worrying about incurring any taxes. Plus, any interest that is earned on their savings will also be free of taxation. This combination of no-tax contributions and tax-free interest earnings provides what is known as a triple tax advantage–a huge perk for anyone looking to save money.
In recent years, HSAs have been limited in their accessibility due to the requirement of being enrolled in a high deductible health plan (HDHP). This type of healthcare plan requires an individual's deductible to be at least $1,400 and a family's deductible to be at least $2,800. Therefore, only 34 million Americans had HSAs – just one tenth of the population – according to Forbes.
Recent proposals from the House of Representatives have highlighted the potential for increased adoption of HSAs in America, thereby providing more competition within the healthcare market. HSAs are typically connected to High Deductible Healthcare Plans, but by breaking this correlation, it could make HSAs more appealing to Americans and incentivize them to save more money for future healthcare expenses. This could lead to greater affordability and flexibility when it comes to accessing quality healthcare services.
Everlong Captive Insurance offers their clients a comprehensive approach to insurance solutions that will result in long-term stability in premium costs. Through utilizing a high performance function, they are able to provide the best possible insurance coverage for your business or organization. Everlong Captive Insurance focuses on reducing the risks associated with higher premiums by providing clients with cost-effective plans that protect their investments.
"The health insurance carriers, they have no problem at times paying those high claims because they can turn around and say, 'Well, we got to raise the premiums, look at all this money going out the door.' And then, there’s been times where some brokers, not the brokers probably watching this, but some brokers have been like, 'Hey, this is great. The premiums went up, so did my compensation.' And so, we had this really vicious cycle that was going on and the cost had just continued to escalate over the decades here. And, it’s horrible for the employers," Doug Truax, founder and CEO of Everlong Captive Health Insurance, said.
Everlong Captive is an exclusive, members-only medical insurance program designed to give employers the opportunity to provide their employees with comprehensive group health benefits at the lowest possible cost. Their innovative insurance funding solution uses profits from health insurance carriers to fund long-term claims costs, allowing them to provide better coverage and more cost-effective care. This approach allows employers to take advantage of lower premiums while ensuring they receive greater value and better protection than traditional group health plans. The reduced claim cost also provides a greater benefit for their employees, allowing them to experience improved coverage while paying less out of pocket.
Members also have access to improved employee health and wellness programs, which allow them to maintain their physical, mental, emotional and social wellbeing. With Captive Health Insurance, members are in control of their healthcare experience every step of the way.