6/22/2004
The New York State Senate
has passed legislation making health insurance more affordable and accessible.
Sponsored by Sen. Jim Seward (R-Oneonta), the bill would authorize HMOs and
insurers to offer “freedom policies” that would cost about 40 percent less than
existing policies, have higher deductibles, and could be coupled with new Health
Savings Accounts, or HSAs. HSAs are tax-free, portable accounts used to pay
out-of-pocket expenses, giving choice of benefits to providers.
In addition, the bill would offer businesses with 50 employers or less and
individuals purchasing their own insurance a state tax credit equal to 50
percent of the cost of the health insurance premiums. The bill would also expand
the Healthy NY program so more people and small businesses can participate. Some
three million New Yorkers now have no health insurance.
A similar bill has yet to pass the Assembly.
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