NEWS & PRESS
- Created on Thursday, 14 September 2006 00:00
Washington DC, September 2006 - Joe Knight, Chief Financial Officer and co-owner of Setpoint Systems, Inc., a small manufacturing automation firm, testified before the Senate Finance Subcommittee on Health in favor of strengthening Health Savings Accounts (HSAs) for small and medium sized businesses.
"As a small business owner, in order to recruit and keep the types of employees we need, we have to keep all of our benefits competitive, which is why we need tools such as HSAs," said Knight. "I urge Congress to expand and improve this important program to make it stronger."
"Both my employees and I are delighted with the Health Savings Accounts that allow us to benefit from our health care spending decisions with the use of pretax dollars," Knight said. "The health plans that are paired with these HSAs put the consumer in charge of how he or she may elect to spend their health care dollars. Any money remaining in the account accrues and accumulates year after year and employees can take the account and money in it with them to a new job or if they retire."
According to Knight giving individuals more direct control over their health care dollars will encourage more prudent use of health care services, will help make the health care system more responsive to consumers' needs and will improve access to health coverage for the uninsured. Health Savings Accounts represent the most positive health care legislation for small businesses in 20 years.
Since 1992 Setpoint has designed, manufactured, and marketed automated manufacturing equipment to increase productivity and quality for companies in a variety of industries. Setpoint has developed a methodology and system that mitigates customers’ risk and maximizes the customers’ return on investment.
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Setpoint Systems, Inc.