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Article: Working the HSA puzzle: Identifying the necessary pieces in HSA implementation and administration will maximize cost-effectiveness.(health savings accounts)
- Article from:
- Employee Benefit News
- Article date:
- September 15, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The recently created health savings accounts (HSAs) hold the potential to rein in runaway health insurance costs across America while actually increasing individual benefits for most employees. These tax-exempt accounts, created exclusively to pay for the qualified medical expenses of high-deductible insurance holders, promise numerous advantages to both employers and employees alike. By some estimates, HSAs could save businesses anywhere from 10% to 30% on health care costs while expanding the range and quality of health care choices available to workers.
However, taking advantage of the cost-saving potential requires several HSA-specific components. Without ...