Good MedicineMedical savings accounts offer tax advantages and more--but you'd better rush to get them.
Opinions expressed by Entrepreneur contributors are their own.
The health insurance market for entrepreneurs will take on ahurly-burly Wild West look come January 1, 1997, when The HealthInsurance Portability and Accountability Act takes effect.That's when insurance companies, as well as banks and financialservices firms--and who knows who else--will start offering medicalsavings accounts (MSAs) on a nationwide scale.
MSAs allow individuals with high-deductible health insuranceplans to set aside money for out-of-pocket medical expenses andgain advantages on federal taxes. They have existed on the statelevel for some time: Eighteen states already allow a deduction onstate income taxes for MSAs, according to Jack Strayer, director offederal affairs for The Council for Affordable Health Insurance, atrade association.
Continue reading this article — and all of our other premium content with Entrepreneur+
Join the internet’s leading entrepreneur community! With your subscription you’ll get:
- Unlimited access, including premium content
- No ads
- Subscription to狗万官方magazine
- Four free e-books a year
- Subscriber-only events with our experts