Health Savings Account-Health Savings Account Info

Arby asked:


We are looking at “self employment,” or retirement. A high deductible medical insurance seems our most likely avenue for health insurance. We’d like to pay for it with pre-tax dollars. We both participated in cafeteria plans while fully employed.

(I already read the Wikipedia article on the subject, so please don’t post it again.)

Wayne

Ruby K asked:


I got married and need to change our W-4. I am estimating online using Turbo Tax and H & R Block Tax Cut Basic. Shockingly we will OWE big time when we used to get $1,000 back each. The question is, though, both programs are reflecting my Health Savings Account (HSA) (deducted from my paycheck pre-taxed) in the adjusted gross income but not his traditional 401(k) (deducted from his paycheck pre-taxed). Shouldn’t it subtract from the gross income his 401(k) contributions like it did my HSA? They are both pre-tax….?

Michelle

suthrngal asked:


The Washington Post has called him the most conservative Minnesota governor since Governor Theodore Christianson in the 1920s.

Some excerpts:

TIM PAWLENTY is regarded as one of the nation’s most innovative, energetic, reform-minded and accomplished governors. Now serving his second term as the 39th governor of Minnesota, Governor Pawlenty has brought increased accountability to state government, held the line on taxes, improved K-12 education standards and made Minnesota a leader in energy reform.
Governor Pawlenty grew up in South St. Paul, Minnesota. The only child in his family to graduate from college, he attended the University of Minnesota (B.A., J.D.) and practiced law in the private sector. His public service career includes serving as a city councilmember and ten-year member of the Minnesota House of Representatives, including four years as House Majority Leader.

As Governor, he has balanced Minnesota’s budget three times without raising taxes, despite facing record budget deficits. Governor Pawlenty’s most notable accomplishments include proposing and signing into law significant new benefits for veterans and members of the military; enacting a property tax cap, eliminating the marriage penalty and cutting taxes; toughening the state’s education standards; reforming the way teachers are paid through a nation-leading performance pay plan; instituting free-market health care reforms that increase accountability and provide tax credits to encourage the use of health savings accounts; and implementing a plan to Americanize our energy sources by generating 25% of the state’s electricity from renewable sources by 2025.

http://www.governor.state.mn.us/welcome/aboutgovernorpawlenty/index.htm

He’s very conservative, not entrenched in DC politics and appears as though he’s done an excellent job for his state.

What are your thoughts?

Jonah Grant

bkkatl asked:


Hello everyone. I come from a country where health insurance always covers everything, and I never cared of that so much. Now being in the US I find everything very confusing and would highly appreciate if someone could answer me some basic questions:

what do the following terms mean in regards to health insurances:
#1: Annual deductible: Individual/Family
#2: Out-of-pocket maximum: Individual/Family
#3: Coinsurance percentage
#4: Lifetime coverage limit
(the latter is 5000 which sounds unbelievable to me)

Further, how does a health savings account helps me. If I take a plan with HSA I seem to have to pay more so I wonder how that makes sense.

Thanks alot.

Shaina Hotalen

Business Dude asked:


I am having a test on some ID’s and I cannot seem to find the following peole in my textbook, could you help me out people, please!

Al Gore
John Kerry
No Child Left Behind Act
Tax Cuts
Klim Jong II
Nancy Pelosi
John Roberts
Midterm Elections of 2006
Medicare Act of 2003
Health Savings Accounts
Kyoto Protocol
Lewis Libby

Plese help me out!!!

Zenobia Sandoral

OctoberBorn78 asked:


I have a little over 17000 dollars in my savings/checking account in wachovia. It is an FDIC insured financial institution , should I be worried about this money on account of current financial health of institutions in America ?

Reed Patria

cjkloanguy@yahoo.com asked:


Hello, I just wanted to know for those of you that have a Health Savings account healthcare plan, are you saving a little every month like your supposed to? anyone been doing this for the last 5 years or so and have a good amount in thier hsa? do you get to retire on that money when the time comes?

It seems like many take the savings by switching then dont fund the pretax account, wanted to see if some of you can prove me wrong

Craig

anonymous asked:


Yes, this is a political question!

So, what is the cost? I am not asking what it costs YOU; I’m asking what amount of money is paid in total to the insurance company to cover you and your family. What you pay, and what your employer pays, combined.

Do you have any idea?

Are there any other things you buy that you have no idea what the cost is?

Do you think the fact that people are so insulated from the actual costs of health services causes the distortions in the market that result in such high prices and costs?

Do you think consumer-based, rather than government-based, solutions, like medical savings accounts and more realistic tax treatment of employer-purchased benefits (treating it as taxable income and giving people an offsetting tax deduction or benefit) would be a better solution to people’s present concerns?

Thanks.

Efren Rodeman

des asked:


I have a Kaiser HSA medical plan with my employer. We our small company began the medical insurance for all the employees, we all recieved a notice stating that $98.00 a month would be taken out and a HSA (Health Savings Account) would be started. That was July 2007 and I have yet to get my boss to do this!!! IT IS DRIVING ME CRAZY!! Is there anything I can do legally to get my boss to complete this task? I do not have a health benefit person or an HR person in our company to go to about this. This not the first item my boss slacks on, and I know it wont be the last. I am now in collections with my insurance carrier becasue I cannot afford to pay $700.00 every time I go to the doctor. I already pay the full co-pay and full prescription price. The remaining balance is what I owe to Kaiser since no one takes out the monthly premium out of my check. HELP!!

Elias Curl

Far Left Centralist asked:


John McCain believes that insurance reforms should increase the variety and affordability of insurance coverage available to American families by fostering competition and innovation.

* Reform the tax code to eliminate the bias toward employer-sponsored health insurance, and provide all individuals with a $2,500 tax credit ($5,000 for families) to increase incentives for insurance coverage. Individuals owning innovative multi-year policies that cost less than the full credit can deposit remainder in expanded health savings accounts.
* Families should be able to purchase health insurance nationwide, across state lines, to maximize their choices, and heighten competition for their business that will eliminate excess overhead, administrative, and excessive compensation costs from the system.
* Insurance should be innovative, moving from job to home, job to job, and providing multi-year coverage.
* Require any state receiving Medicaid to develop a financial “risk adjustment” bonus to high-cost and low-income families to supplement tax credits and Medicaid funds.
* Allow individuals to get insurance through any organization or association that they choose: employers, individual purchases, churches, professional association, and so forth. These policies will be available to small businesses and the self-employed, will be portable across all jobs, and will automatically bridge the time between retirement and Medicare eligibility. These plans would have to meet rigorous standards and certification.
Hillary Clintons:

* Affordable: Unlike the current health system where insurance premiums send people into bankruptcy, the plan provides tax credits for working families to help them cover their costs. The tax credits will ensure that working families never have to pay more than a limited percentage of their income for health care.

* Available: No discrimination. The insurance companies can’t deny you coverage if you have a pre-existing condition.

* Reliable: It’s portable. If you change or lose your job, you keep your health care.
# Obama’s Plan to Cover Uninsured Americans: Obama will make available a new national health plan to all Americans, including the self-employed and small businesses, to buy affordable health coverage that is similar to the plan available to members of Congress. The Obama plan will have the following features:

1. Guaranteed eligibility. No American will be turned away from any insurance plan because of illness or pre-existing conditions.
2. Comprehensive benefits. The benefit package will be similar to that offered through Federal Employees Health Benefits Program (FEHBP), the plan members of Congress have. The plan will cover all essential medical services, including preventive, maternity and mental health care.
3. Affordable premiums, co-pays and deductibles.
4. Subsidies. Individuals and families who do not qualify for Medicaid or SCHIP but still need financial assistance will receive an income-related federal subsidy to buy into the new public plan or purchase a privat
# ate health care plan.
# Simplified paperwork and reined in health costs.
# Easy enrollment. The new public plan will be simple to enroll in and provide ready access to coverage.
# Portability and choice. Participants in the new public plan and the National Health Insurance Exchange (see below) will be able to move from job to job without changing or jeopardizing their health care coverage.
# Quality and efficiency. Participating insurance companies in the new public program will be required to report data to ensure that standards for quality, health information technology and administration are being met.

WHICH IDEA DO YOU PREFER???
Sorry “flawed’ and it is still clear that most if not all of you did not read all three passages.
China seems pretty happy.

Israel Mckinnies