HSAs Funding Used To Induce Farmers To Sell To Cargill
In another sign of the growing popularity and usage of HSAs, a major grain distributing company is using a payment system for farmers to secure a steady crop supply in the face of increasing competition.
In what is expected to be the first of many such innovative approaches, Cargill, the grain company, said that it would set up tax-free health savings accounts for farmers who pledge to sell a portion of their grain to the company.
The big producer is taking advantage of the provisions in the HSA regulations that permit the individual or corporation who provides funding for the HSA account to take the tax deduction.
The program, which company officials say is the first in the nation, is aimed at helping farmers who are struggling with rising health insurance costs while guaranteeing business for Cargill in an increasingly competitive grain market.
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