Fla. Gov. Bush Participates in HSA Meeting

Florida Gov. Jeb Bush and Floridians for Health Care Choices recently hosted a town hall meeting in Jacksonville to provide an opportunity for federal and state healthcare experts to educate employers and employees on the benefits of Health Saving Accounts (HSAs) and Health Reimbursement Arrangements (HRAs). HSAs provide Florida’s consumers with an option to save money for medical expenses tax-free.

“The interest in health savings accounts – from employers, employees and health insurers – demonstrates the potential this new healthcare option can have in beginning to transform our health insurance market,” the Governor said. “Moving to a consumer driven market will help increase the quality of care and create cost predictability by putting patients in charge of their health care dollars. Patients will make choices best suited to their medical and financial needs, creating an incentive for doctors and hospitals that offer the best service for the most reasonable prices. I thank all those who have helped in educating Floridians about HSAs.”

Gov. Bush was joined by Chief Financial Officer (CFO) Tom Gallagher who along with Lt. Gov. Toni Jennings, co-chaired the Governor’s Task Force on Affordable Healthcare Insurance.

“I applaud the Governor’s push to make Florida a leader in offering small employers and their employees access to tax-advantaged health savings accounts. These accounts will help Floridians pay for out-of-pocket health costs with pre-tax dollars and empower them to make wise financial decisions about their medical care,” Gallagher said. “In addition to offering another option for Floridians seeking health care coverage, these accounts will be attractive to young, healthy individuals who often choose to go without insurance which will in turn help lower overall costs in the market.”

HSAs reportedly improve access to affordable health care while empowering consumers to invest in health care savings. They consist of a high deductible health plan and a tax-free savings account.

Employee contributions to an HSA account belong to the employee, as does any potential employer contribution to the HSA. The dollars in the HSA account can be spent by the consumer – tax-free – on any eligible health care expense. Funds that are not used remain in the account and grow tax deferred. After age 65, the funds can be used, without penalty, for anything – just like an IRA. The money and interest in the account is transferable between jobs and to different states.

Recently, Gov. Bush signed House Bill 1629, the Affordable Healthcare for Floridians Act, which provides increased access to healthcare insurance by reportedly creating a more stable and competitive market, raises the quality of care and patient safety and improves transparency by giving consumers the information they need to make the best healthcare choices.

Also joining Gov. Bush at the meeting were Roy Ramthun, senior advisor for Health Initiatives, U.S. Dept. of Treasury; Hugh McLean, chair NFIB Jacksonville Area Action Council; Phil Sutton, director of Human Resources Atlantic Marine Inc.; and Mark LaBorde, general manager, Southeast Region, AETNA Insurance.

Floridians for Health Care Choices, a coalition sponsored by the Florida Chamber of Commerce, The National Federation of Independent Businesses, the Florida Retail Federation and Florida’s leading insurers, aimed at promoting new and affordable healthcare options for employers and employees, is sponsoring town hall meetings throughout the state.

Meetings have already been held in St. Petersburg, Orlando, and Jacksonville. They are the first in a series scheduled across the state this summer to educate Floridians on the benefits of HSA and HRA policies and regulations.

Topics Florida