On Thursday January 20, 2011 The State Of Wisconsin Senate and Assembly both signed a bill creating a tax exemption for contributions to (HSA) Health Savings Accounts. HSA is classified as a tax advantage medical savings account.
HSA Health Savings Accounts came about as part of Medicare Prescription Drug, Improvement, and Modernization Act which was signed in to law by President George W. Bush on December 8, 2003.
A HSA Health Savings Account the funds deposited can remian available from year to year. This is different than the FSA Flexible Spending Account where the funds cannot roll over and accumulate from year to year.
HSA saved funds can be used for qualified medical expenses. Part of the qualification process involves a medical doctors prescription. Money from HSA's is withdrawn for reimbursement very similar to medical insurance.
This Wisconsin Legislature eliminates state income tax on contributions made to health savings accounts. Home Care Path www.homecarepath.com expects to hear more from the media on the subject of Health Savings Accounts in The State Of Wisconsin.
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