Do you know that Kaiser has similarities to the new Health Savings Account that was incorporated in the expanded medicare prescription drug law signed by U.S. President George W. Bush last December 8, 2003?
In a special report of the November 8, 2004 Business Week Issue U.S. Edition, the health savings accounts legislation will give employees more choices in the use of their unutilized medical insurance and tax cuts.
Under the Medicare Prescription Drug Improvement and Modernization of 2003, Health Savings Accounts will be created for employees who are now covered by traditional HMO or medical insurance plans offering a network of doctors or providers. The HMO plan which is normally shouldered by employers will now be shared with employees on co-pay arrangement.
Depending on the company's policy on employee benefits, the worker gets to choose his own physician without the restrictions imposed by HMO-type plans. If the employee has a health savings account, he may use it to pay smaller covered medical expenses. What is not used in the account each year stays in the account or depository bank and continues to grow interest until his retirement years.
The health savings feature of The Kaiser Premium Health Builder is advantageous for employees and even self-employed workers since the plan is so portable that it goes with you for whatever career moves and residential relocations you may undertake.
At Kaiser, we shall serve as your fund managers as long as you are actively enrolled with us!