HFIA Monitoring Health Insurance

Furniture World Magazine

In his State of the Union Address, President Bush addressed the rising cost of health care. One exciting point he made was that once again, group insurance might become available to Associations. Home Furnishings International Association will continue to monitor the changes in health insurance legislation. • The President called for Congress to pass Association Health Plans to enable small businesses to provide health coverage to more workers by allowing them to band together and negotiate lower insurance rates. • The rapidly rising cost of health care is the main reason why millions of Americans lack health insurance today. To make insurance more affordable, the President proposed measures to address rising healthcare costs and help more Americans afford insurance. To make insurance more affordable, the President proposed measures to address rising healthcare costs and help more Americans afford insurance. • Tax-Free Health Savings Accounts (HSAs): As part of the Medicare prescription drug bill that President Bush signed into law last month, workers will now be able to take advantage of HSAs – fully portable, tax-free savings accounts that can be used to pay for medical expenses incurred by individuals, spouses, or dependents. Contributions to HSAs by individuals are deductible, even if the taxpayer does not itemize, and contributions by an employer are not included in the individual’s taxable income. • Tax-free Insurance Premiums for HSAs: President Bush proposed that individuals who buy catastrophic health care coverage as part of their new Health Savings Accounts be allowed to deduct 100% of the premium from their taxes. This new deduction of health insurance premiums, which will be available to taxpayers whether or not they itemize, will make health coverage more affordable for millions of Americans who do not get coverage through their workplace. • The President also called on Congress to establish refundable tax credits of up to $1,000 for individuals and $3,000 for families to help low-income workers buy health insurance coverage. Home Furnishings International Association, founded in 1923, is a membership-based, national organization designed to strengthen the home furnishings industry through collective support, services, and leadership. Contact HFIA at 800-942-4663, by e-mail at info@hfia.com, or visit www.hfia.com. Visit HFIA’s booth at High Point market, April 22 – 25, in the Furniture Plaza atrium, across from La-Z-Boy.