Feb09

HSA Plans: Small Business Solution to Fighting Health-Care Costs? | Fox Small Business Center

Despite the amount of uncertainty small businesses have about health-care reform, many owners are leaning toward health savings accounts to help reduce provider costs.

Since becoming law in 2010, the Affordable Patient Protection & Affordable Care Act has generated concern from many small business owners because it changes the way they purchase and provide health insurance for themselves and their employees and could increase costs in an already tough economic environment.

A recent survey titled “2011 Employer and Account Holder Surveys,” commissioned by ACS, a health-savings account product provider, and conducted by Buck Consultants, showed more small business owners and employees turning to HSAs as a more affordable health-care option. These accounts are owned by the individual and are an alternate source of medical funds that can be used to pay for qualified medical expenses.