Introduced
by
To authorize medical savings accounts (MSAs) in Michigan workplaces. These plans 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. Future healthcare expenses may be paid from this tax-deferred account, and because it belongs to the employee, he or she has an incentive to exercise prudence and frugality in purchasing routine health care services not covered by the high-deductible insurance. Senate Bills 947 and 948 authorize income tax and single business tax credits for employers who make contributions to the accounts.
Referred to the Committee on Finance
