Along with the Small Business Service Bureau, Inc., the Massachusetts Business Administration, and the Northeast Business Trust, Tufts is getting into the small-business market for HSA’s, which were authorized by 2003’s Medicare Prescription Drug Improvement and Modernization Act.
HSA’s are tax-free accounts that can be used to save money for medical costs. They must be used in conjunction with a high-deductible insurance plan.
“The HSA option is a natural fit with the strategy of the small businesses we work with – it is an innovative opportunity to offer health care coverage,” said Shannon Linde, vice president, Massachusetts Business Association, in a press release. “Health care coverage is critical to all employers and by building this partnership with Tufts Health Plan, together we will make a difference in the ability of small employers to offer health care coverage.”