NU Online News Service, June 21, 2004, 5:29 pm. EDT
The Assurant Health unit at Assurant Inc., New York, says consumer interest in the new health savings accounts seems to be strong.[@@]
The company has received 56,396 applications from people interested in individual HSA accounts, and 43% of the applicants appear to have no other health coverage, Assurant executives reported today at an HSA market briefing in Chicago.
President Bush brought HSAs to life Dec. 8, 2003, when he signed the Medicare Prescription Drug, Improvement and Modernization Act of 2003. One MPDIMA section lets eligible taxpayers who buy high-deductible health insurance policies exclude HSA contributions from taxable income and spend HSA cash on qualified expenses without paying income taxes on the distributions.