Health Savings Accounts (HSA) have become an increasingly popular option for individuals looking to save for their health care needs.
Many states have expanded their use of HSA accounts, which allow people to access up to $5,000 in federal subsidies per individual to help offset their health insurance costs.
The federal government, however, still requires employers to offer health insurance, meaning that many employers don’t offer the coverage to employees, leaving many workers without coverage.
In order to receive the tax credits, the employer must offer a minimum of $5.25 per person per week.
The new healthcare bill proposed by Senate Majority Leader Mitch McConnell would allow individuals to use an HSA to get tax credits that range from $5 to $15 per month.
The bill also includes a new tax deduction that allows individuals to deduct up to 100% of the cost of the tax plan.
According to a CNN Money article, the tax credit would be available for those with an income between $75,000 and $199,999, but not for people making less than $50.000.
This is because the tax break would only be available to individuals making more than $100,000 per year.
If you’re thinking about enrolling in an ObamaCare-sponsored health savings plan, be sure to make sure you get the right plan before enrolling, because the new legislation will increase your costs, CNN Money notes.
In the meantime, CNNMoney offers this helpful guide on how to save up on your healthcare bills:Follow Allie Conti on Twitter.