BIZ BASICS: Use new savings accounts to cover medical expenses
And with no end in sight to the cost crunch, the prognosis is poor. Panicked business owners now cite the rising cost of health insurance as their top concern. They know that workers value their medical coverage, but as owners they feel trapped-they must either pass along rate hikes or cut benefits entirely. A relatively new health plan option offers hope. Health savings accounts work in IRA-like fashion to cover out-ofpocket medical costs with tax-sheltered money. An HSA is an…