For more information, contact Eric Skrum, 608/441-1216, eskrum@wisbank.com
Statement on Governor Scott Walker’s proposal for Health Savings Accounts from Kurt R. Bauer, president/CEO of the Wisconsin Bankers Association
(MADISON, WI) – “Wisconsin bankers are pleased by Governor Scott Walker’s proposal to grant a state income tax credit for contributions to health savings accounts (HSAs) used by consumers to pay medical expenses. This offers a tremendous opportunity for businesses and their employees to reduce spiraling employee health insurance costs and to help more individuals gain access to health insurance. Wisconsin is one of only four states that failed to enact a similar exemption.
According to the HSA Coalition, 3.2 million individuals are covered by HSA type insurance plans in the United States. Of that number, 31 percent were previously uninsured individuals buying health insurance on their own and 33 percent are small business that previously had not offered any coverage.
Health Savings Accounts allow people to manage their own costs and make their own decisions. HSAs have an inherent ability to bring costs under control and Wisconsin bankers believe HSAs would be more attractive to Wisconsin residents if they were tax exempt. Governor Walker’s proposal for HSAs will allow more Wisconsinites to take advantage of the opportunities offered by HSAs and will benefit consumers and business alike.”
# # #
The Wisconsin Bankers Association is the state’s largest financial industry trade association, representing nearly 300 commercial banks and savings institutions, their nearly 2,300 branch offices and 28,000 employees.
