Georgia Passes Important Health Care Reform: Could New Mexico Follow Suit?
Georgia Gov. Sonny Perdue recently signed legislation making High Deductible Health Plans paired (HDHP) with Health Savings Accounts (HSA) more affordable and available in that state.
An HDHP is a health insurance plan that offers consumers lower premiums and higher deductibles than a traditional health plan. HSAs allow consumers to set aside funds tax-free for future qualified medical health expenses.
The legislation exempts insurers from state premium taxes for the sale of high deductible health plans with a Health Savings Account, while allowing consumers to deduct from state income taxes an amount equal to premiums paid to a HSA plan. The new legislation will affect mostly the self-employed and small business employees by providing a $250 annual tax credit for small business employers that spend at least $250 annually to enroll their employers in an HSA plan.
If Governor Richardson and New Mexico’s legislators are really concerned about reducing the number of uninsured in the state and improving access to health care, they should consider similar legislation.