With HSAs, you get to keep the money
Q I have been hearing a lot about health savings accounts and supposedly they are the wave of the future. Are they the same as flexible spending accounts that I have used in the past for prescriptions, glasses, and child care?
A HSAs are widely used throughout the United States and are gaining momentum in New England. I consulted Shawn Allen, corporate benefits specialist at Clark and Lavey Benefits Solutions Inc., who said an HSA is "a tax-free vehicle employers and health insurance carriers use to help employees save money for future medical expenses while at the same time also reducing their current premium costs. The idea is for employees to become 'consumers' of their own healthcare. If consumers are able to use their insurance more effectively, they are then able to carry over excess dollars from year to year (a carrot for the consumer). The dollars are tax-free and can be contributed by both the employee and employer but it is truly the employee's money. If the employee still has a balance at retirement they can then withdraw it and still have no tax implications."
Most of us are more familiar with flexible spending accounts. FSAs allow employees to set aside pretax dollars that employees estimate they will spend on out-of-pocket healthcare expenses (e.g., prescriptions, copayments, or eyeglasses) as well as dependent-care expenses (e.g., child care or summer camp). With FSAs, there is a "use it or lose it" provision. This means an employee needs to submit permitted expenses for reimbursement. If the employee's anticipated expenses are less than what has been set aside in their FSA, it is forfeited.
The idea behind the HSA is for employees to take more responsibility on what they are spending their healthcare dollars on.
A You have selected a booming field. As baby boomers continue to age, they will continue to demand better health care options, treatment, and services. According to the Bureau of Labor Statistics ( bls.gov), the number of US healthcare workers is projected to exceed 13.5 million by 2014. Many think that healthcare opportunities are limited to nurses and doctors. This is untrue. A boom in healthcare also translates into more jobs for pharmacists, physical therapists, medical laboratory specialists, and X-ray technicians, among others. Additionally, there is a ripple effect into other roles that support the treatment and delivery of healthcare, including positions such as accountants, information technology specialists, facilities managers, and maintenance workers.
For more information specifically about radiologic technologists and technicians, visit bls.gov/oco/content/ocos105.stm. In short, the job outlook is favorable. This website is a wealth of information for this occupation as well as many others. Information on accredited programs and certifications are also available .
Another source of information is the American Society of Radiologic Technologists (asrt.org), a professional association that offers a myriad of services and information to both students and professionals in the field.
Your concern about job security is a valid one. However, the baby boomers (those born between roughly 1946-1964) have money to spend. Between 1946-1964, about 76 million babies were born . In 2006, these "babies" are beginning to turn 60 years old. This trend represents an opportunity for those considering healthcare as a field of interest.
A The law to which you are referring is the Massachusetts Payment of Wages Act. It covers private workplaces of all sizes, including both for-profit and nonprofit employers. For more information, visit the Massachusetts Attorney General's website at www.ago.state.ma.us.
In short, the law requires employers to promptly pay employees for work performed on the employer's behalf. It also details the lawful deductions including state and federal taxes, insurance premiums, and FICA contributions, among others.
All employees who leave your company (whether through a resignation, termination, or layoff) must be paid all wages owed them. If the employee has been discharged (fired or laid off), all wages that are owed the employee (including unused but accrued vacation time) should be paid on the day of termination. If an employee resigns, your company has a little bit more flexibility but still the resigning employee is due any wages owed to him. If an employee resigns, the employee should be paid his final wages no later than six days after the end of your company's last pay period, or the next regular payday (whichever is earlier).
Patricia Hunt Sinacole is president of First Beacon Group LLC (firstbeacongroup.com), a human resources consulting firm in Hopkinton, and a visiting professor in the School of Business at Mount Ida College in Newton. 
