Contact: Bill G. Smith at (608) 255-6083
Jack Mozloom at (609) 989-8777
NFIB strongly favored measure to create advantage for medical savings
MADISON (January 24, 2011) – The National Federation of Independent Business (NFIB) today said a new law creating Health Savings Accounts in Wisconsin will increase access to health care for small businesses and their workers.
“We believe HSA’s can do for healthcare what IRAs have done for retirement savings,” said state Director Bill G. Smith. “It creates an incentive for small businesses and their employees to save for medical expenses and puts the power into their hands to make important medical decisions.”
Health Savings Accounts are privately-owned, individually directed savings accounts for medical expenses. Money deposited into the accounts is tax deferred and it can be used without penalty for qualified medical expenses. Unspent funds can be rolled over to the next calendar year.
“Small business owners, almost by definition, are independent, and they especially enjoy the individual control and the freedom that goes along with owning and operating a small business,” said Smith. “And so it is with HSAs. They provide a level of individual control over healthcare spending, and they offer freedom from faceless bureaucrats, managed-care companies, and insurance companies.”
The measure, which NFIB strongly backed, was signed into law today by Governor Scott Walker. Smith attended the ceremony.
“This law will restore some tax equity for farmers, small business owners and those workers who make up Wisconsin’s middle class,” said Smith. “HSA’s are not just for the wealthy and healthy. They provide small business owners and their employees a useful option that often provides an affordable alternative to going with no insurance coverage.”
The cost of health insurance and the cost of health care are significant impediments to job creation, according to Smith. It is especially burdensome for small business owners who create most of Wisconsin’s new jobs.
The new law brings Wisconsin into conformity with federal law and it places the state in the company of 46 other states that have already approved Health Savings Accounts.
For more information on NFIB, please visit http://www.nfib.com/Wisconsin.
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NFIB is the nation’s leading small business association, with offices in Washington, D.C. and all 50 state capitals. Founded in 1943 as a nonprofit, nonpartisan organization, NFIB gives small and independent business owners a voice in shaping the public policy issues that affect their business. NFIB’s powerful network of grassroots activists send their views directly to state and federal lawmakers through our unique member-only ballot, thus playing a critical role in supporting America’s free enterprise system. More information can be found at http://www.NFIB.com/newsroom.
