Health Savings Account-Health Savings Account Info

RJC asked:


Can’t wait to see the avenues around this.

Individual Mandate Tax (Page 324/Sec. 1501/$8 bil): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the following schedule (capped at 8 percent of income):

Single Single +1 Single +2
2014 $95 $190 $285
2015 $350 $700 $1050
2016, etc. $750 $1500 $2250

Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS).

Employer Mandate Tax (Page 348/Sec. 1513/$28 bil): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $750 for all full-time employees. Applies to all employers with 50 or more employees.

If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).

Excise Tax on Comprehensive Health Insurance Plans (Page 1979/Sec. 9001/$149.1 bil): Starting in 2013, new 40 percent excise tax on “Cadillac” health insurance plans ($8500 single/$23,000 family). Higher threshold ($9850 single/$26,000 family) for early retirees and high-risk professions. CPI +1 percentage point indexed.

From 2013-2015, the 17 highest-cost states are 120% of this level.

Employer Reporting of Insurance on W-2 (Page 1996/Sec. 9002/Min$): Preamble to taxing health benefits on individual tax returns.

Medicine Cabinet Tax (Page 1997/Sec. 9003/$5 bil): No longer allowable to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin)

HSA Withdrawal Tax Hike (Page 1998/Sec. 9004/$1.3 bil): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.

FSA Cap (Page 1999/Sec. 9005/$14.6 bil): Imposes cap on FSAs of $2500 (now unlimited).

Corporate 1099-MISC Information Reporting (Page 1999/Sec. 9006/$17.1 bil): Requires businesses to send 1099-MISC information tax forms to corporations (currently limited to individuals), a huge compliance burden for small employers

Excise Tax on Charitable Hospitals (page 2001/Sec. 9007/Min$): $50,000 per hospital if they fail to meet new “community health assessment needs,” “financial assistance,” and “billing and collection” rules set by HHS.

Tax on Innovator Drug Companies (Page 2010/Sec. 9008/ $22.2 bil): $2.3 billion annual tax on the industry imposed relative to share of sales made that year.

Tax of Medical Device Manufacturers (Page 2020/Sec. 9009/$19.3 bil): $2 billion annual tax on the industry imposed relative to shares of sales made that year. Exempts items retailing for <$100.

Tax on Health Insurers (Page 2026/Sec. 9010/$60.4 bil): $6.7 billion annual tax on the industry imposed relative to health insurance premiums collected that year.

Eliminate tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Page 2034/Sec. 9012/$5.4 bil)

Raise "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI (Page 2034/Sec. 9013/$15.2 bil) : Waived for 65+ taxpayers in 2013-2016 only

$500,000 Annual Executive Compensation Limit for Health Insurance Executives (Page 2035/Sec. 9014/$0.6 bil)

Hike in Medicare Payroll Tax (Page 2040/Sec. 9015/$53.8 bil): Current law and changes:

Wages (Employer/Employee) Self-Employment Net Income
Current Law and New Rate on First $200,000 ($250,000 MFJ) 1.45%/1.45% 2.9%
New Rate on Amount Which Exceeds $200,000 ($250,000 MFJ) 1.45%/1.95% 3.4%

The 0.5% new rate addition is not deductible for the self-employment tax adjustment.

Blue Cross/Blue Shield Tax Hike (Page 2044/Sec. 9016/$0.4 bil): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services

Tax on Cosmetic Medical Procedures (Page 2045/Sec. 9017/$5.8 bil): New 5% excise tax on elective cosmetic surgery to be paid by the surgery patient.

http://www.atr.org/userfiles/111809pr-comptaxreid(2).pdf

Warren Richmeier

bsbchic_101 asked:


And I like to eat I am not gonna lie. Surgery is not a option for me because I dont weight enough or have any health problems. If anyone has any ideas please let me. Plus I dont want to spend my whole savings account! Thanks

Len Yetter

under_fire53 asked:


Finance guru Earl Matthews (founder of aid4families.com) has set his sights on revolutionizing the pension plans of several countries. Like many of his brethren, David Filo and Jerry Yang (founders of Yahoo), Larry Page and Sergey Brin ( founders of google), and Chris Dewolf & Tom Anderson ( founders of Myspace), a generation that grew up under the likes of Steve Jobs and Bill Gates, seem determined to change every aspect of society. It seems odd that while we are talking about the government being involved in universal health care and at the same time private savings accounts and privatizing pensions. The government may get your teeth fixed until you are 90 but the money for food to use those teeth on will be up to you to find. Do you support universal health care and do you support public pension schemes relying on “for profit” fund managers?
http://www.aid4families.com/Press%20Release.html

Stacee Thoms

Amber asked:


Would it be better for me to switch to a Health Savings Account (HSA) plan, if I have a prescription for birth control and will need to purchase it monthly? Will it end up saving me, or costing me more money? OtheI have no health problems as of yet. :/

Geraldo Kotera

Brad asked:


Personally, I think the removal of the public option makes the ObamaCare bill even worse than it was before. Either way, I oppose the bill.

I’m personally convinced that a provision forcing people to purchase health insurance is worse than creating a public option. At least, under a public option, people remain free to choose not to purchase health insurance.

Ideally, I favor a true free market in medical care. I would like to see Medicare (due to political conditions, this program will have to be phased out, but it is inevitably going to collapse sooner or later anyway), the CDC, the FDA, and all other government agencies and programs in the area of health care abolished. I would also like to see the government enforce the commerce clause and end the outrageous and unconstitutional embargoes on interstate purchase of health insurance. Arguably, the best solution to fix medical care would be to create a system where the most common form of health care coverage is insurance for catastrophic care only (with a requirement that the health insurance company cannot drop a person after they get sick; of course, forcing them to cover pre-existing conditions makes no economic sense and the government should not regulate what is covered by insurance, as that leads to unnecessary procedures being covered) and health savings accounts for routine care. However, people should still be free to choose to be completely uncovered if they wish to do so. I would also suggest reforming patent law to prohibit the patenting of drugs (or of any living organism) and reforming the laws to allow drugs to be freely imported from foreign countries. If Big Pharma doesn’t like this reform, then that is another point in its favor.

However, if my favored reform is not an option (and I know the left will never consider any reform in the direction of the free market), then I would prefer the status quo to a “reform” in the wrong direction (such as ObamaCare). However, if the status quo is not an option, I would prefer ObamaCare with the public option to ObamaCare without public option.

Warren Leclare

under_fire53 asked:


Finance guru Earl Matthews (founder of aid4families.com) has set his sights on revolutionizing the pension plans of several countries. Like many of his brethren, David Filo and Jerry Yang (founders of Yahoo), Larry Page and Sergey Brin ( founders of google), and Chris Dewolf & Tom Anderson ( founders of Myspace), a generation that grew up under the likes of Steve Jobs and Bill Gates, seem determined to change every aspect of society. It seems odd that while we are talking about the government being involved in universal health care and at the same time private savings accounts and privatizing pensions. The government may get your teeth fixed until you are 90 but the money for food to use those teeth on will be up to you to find. Do you support universal health care and do you support public pension schemes relying on “for profit” fund managers?
http://www.aid4families.com/Press%20Release.html

Mervin Lesches