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COBRA BENEFITS: THE DETAILS What COBRA means is that if you’re and employee who’s fallen into either category, you’ll be able to buy into a health benefits plan for yourself or for your family that will be less expensive than a private medical plan – but only for a pre-set time period. HEALTH SAVINGS ACCOUNTS, YOUR BUSINESS and YOUR EMPLOYEES The Health Savings Account, as we know it today, was born back on December 8, 2003 as a kind of 2nd generation Medical Savings Account plan (also known as the Archer MSA). Of course, even though certain aspects of the new program are the same as the old, there are a few important differences that have made HSA’s more popular than MSA’s ever hoped to be. For instance, HSA accounts allow employees to save money tax-free, and employers to contribute to those savings accounts tax-free, when they are paired up with a qualified high deductible health insurance plan.