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Are Health Savings Accounts Right For You and Your Employees?

  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
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Healthcare has obviously become a hot-button topic over the past couple of years. The controversial Affordable Care Act passed in 2010, but if anything, this stirred up the healthcare debate even more, with Republicans vowing to “repeal and replace” the Act if they regain the White House and Congress.

While there are many details about health insurance reform that are subject to interpretation and open for debate, the one thing that practically everyone agrees on is that the soaring cost of healthcare is unsustainable over the long term. So whether reform ideas are government or market based, they all have one major goal in common: reducing the cost of healthcare and health insurance.

This article looks at the market-based solution side with a review of consumer-driven healthcare (CDHC) options where individuals take more personal financial responsibility for their healthcare. More specifically, we take a look at Health Savings Accounts (HSA) and tax-favored contributions to accounts for medical expenses. The article reviews the role of high-deductible health plans (HDHP) along with available tax benefits for individuals and families.

Many Los Angeles and Southern California CEOs and CFOs and their employees are opting to take more control over their healthcare spending and decisions by establishing consumer-driven healthcare options like Health Savings Accounts. While HSAs may not be the right choice for every company and employee, they bear consideration to evaluate fit and benefits. It may be advantageous to consult with an outsourced CFO Services firm with professionals who are experienced in assessing plan options and structuring their creation.

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