Introduced
by
To facilitate medical savings accounts (MSAs) in Michigan workplaces by exempting them from certain state regulations that apply to other types of insurance for small businesses. (See 2003 Senate Bill 460, now Public Act 88 or 2003, for an idea of what these regulations entail.) MSAs combine a high deductible health insurance plan, which is much less costly than standard health insurance, with an IRA-like tax-deferred equity account owned by the employee. Routine health care expenses less than the insurance deductible amount are paid from this account.
Referred to the Committee on Insurance and Financial Services
