Health Savings Account-Health Savings Account Info

OnlyHis asked:


We need health insurance but my husbands health insurance is expensive and will make where we are about 120.00 short every month to pay bills. We don’t have very much wiggle room….we don’t spend much if anything at all on anything else , but I was thinking if we didn’t get the insurance…to save at least as much as they would have taken out and put it into a savings account…at least it would be there if needed. What do you think

Christy

JohnN asked:


1) Strengthen, expand and create new avenues for affordable health care for sick Americans through high-risk pools and reinsurance mechanisms.
2) Make all health care related expenses tax deductible for all individuals;
3) Significantly expand health savings accounts contributions and eligibility;
4) Repeal and reform the barriers that currently exist for physicians to donate charity and pro bono care;
5) Find ways to combat the fraud associated with medicare and medicaid.
6) Allow for individuals to keep their health insurance if they choose once they leave their jobs;
7) Expand pooling options to allow any qualified entity to create an insurance plan for members; Enable individuals to shop across state lines for health insurance;
9) Create association health plans, which would allow small businesses and other entities to form pools that will increase availability and allow their sheer size to negotiate lower costs for their employees or members.
10) Take out the trial lawyers, which will decrease the cost and allow more people, including those with pre-existing conditions obtain coverage.
Yes, the democrat plan has a lot to do with government and tax expansion.
No democrat would allow it. I agree, but the Republicans can make their own bill, have the CBO prove it is much better, and put this all over the media. It still might not work, but it will slow down the Democrats.
Trial lawyers is my big thing. There needs to be some type of malpractice, but there are ways to reform this. More arbitration, limits on rewards, etc. Without question we could lower the cost and still hold doctors accountable.
Type of malpractice protection I mean.

Jaqueline Powers

Sam Freedom asked:


Hey, I’m serious!

Think about this for a second…

1. Government pays poor people Welfare, Social Security and (fill in the blank);
2. Poor people run to the store and buy cigarettes, glass tube cigar w/baking soda, and scratch tickets;
3. Govt gets its money back from high cig taxes and abominable odds of winning on scratch tickets.

So, WE THE TAXPAYER first GIVE to the poor.
Then the govt TAKES IT BACK from the poor.
Now WE THE TAXPAYER have to buy them free health care on top of it all… gotta love that cigarettes, baking soda/crack pipe, fritos diet!

So, what do you think of a national scratch ticket.

1. 1 in every X wins health insurance that would rival that of Donald Trump;
2. 1 in every Y wins free checkups and diagnostics for the next 20 years;
3. 1 in every Z wins a half decent health insurance package
4. All those who lose can exchange losing tickets for $1 each put into a health care savings account for them.

This would:

1. Give people who are going to WASTE their money on losing odds some free health care with TAX MONEY they ALREADY got from us for one reason or another;
2. Turns a negative into a positive by teaching them SAVING; and
3. Keeps our world cleaner (eh libs, ehhh?) by all these people SAVING their tickets, and/or picking them up from the ground and keeping them out of the dumps;
4. Creates a sub-economy for those who really DONT want health care, or are already taken care of can sell/trade their Federal Scratch tickets (health care value $1/ea) for whatever the market will pay.

Maybe they can get their neighbors to pay 50c each?

What a great Xmas gift a bunch of already scratched Federal Health Care Reform Scratch Tickets would make.

Do you think I’m onto something here?
What shall we NAME the tickets?
And How much shall we charge?

What other modifications, additions and/or subtractions would you like to make to this proposal????!!!

Sandy Contraras

Paul C asked:


Ben currently works at the money management firm of Dewey and Louis. His annual salary at the firm is $50,000 per year, and his salary is expected to increase at 3% per year until retirement. He is currently 28 years old and expects to work for 35 more years. His current job includes a fully paid health insurance plan, and his current average tax rate is 26%. Ben has a savings account with enough money to cover the entire cost of his MBA program.

The Ritter College of Business at Wilton University is one of the top MBA programs in the country. The MBA degree requires two years of full-time enrollment at the university. The annual tuition is $60,000, payable at the beginning of each school year. Books and other supplies are estimated to cost $2,500 per year. Ben expects that after graduation from Wilton, he will receive a job offer for about $95,000 per year with a $15,000 signing bonus. The salary at this job will increase at 4% per year. Because of the higher salary, his average income tax rate will increase to 31%.

What initial salary would Ben need to receive to make him indifferent between attending Wilton University and staying in his current position?

How would I set this up. I don’t even know where to start with this problem?

Trevor Prosser

mike asked:


The bill leaves out a number of the key features of the Democrats’ 1,990-page legislation, such as new requirements for employers to insure their employees and for nearly all Americans to purchase insurance. It also doesn’t block insurers from denying coverage to people with pre-existing health conditions, as Democrats would do.

Instead, the Republican plan increases incentives for people to use health savings accounts, caps non-economic jury awards in medical malpractice cases at $250,000, provides various incentives to states with the aim of driving down premium costs and allows health insurance to be sold across state lines.

“As Leader Boehner has made clear, our proposal will focus on the No. 1 concern of the American people — reducing health care costs, and we do it at a price tag our nation can afford,” said spokeswoman Antonia Ferrier, though Republicans have not said how much their bill would cost
What kind of help exactly will it give the American people? They still dont seem to care about the uninsured.

Alaine Mangum

Justin asked:


My wife and I are interested in opening a health savings account in conjunction with our Blue advantage high deductible plan. I was told at signup that this was included, but cannot find information anywhere. Does anyone know how I can sign up for a HSA?

Renda Paroda

nightowl asked:


Our situation: Self-employed (husband is a contract-only self-employed software architect; I work for his business in an administrative capacity – so techinically, I am his “employee”). Two adults, two small children. All healthy.

Currently we pay for a PPOM that allows for 2 office visits/person/year + $35 co-pay. VERY LIMITED coverage (inpatient only + preventative care such as OB-GYN stuff and well care for kids). Individual deductible = $1000 per person/ $2000 per family, then 80% coverage to $15,000 (our max out of pocket); then 100% coverage. Premium totals over $5200/yr and increases about 18-21% a year (no prescription coverage, of course)

A year ago our accountant advised switching to HSA type health insurance because he said the write-offs would be much greater. Now he’s not sold on the idea. We’d like to better understand where the tax write-offs would be and what the potential savings are in switching (or not switching).

If we switch, the HSA type would cost about $900 less per year in premiums. Family deductible amount (there is no individual deductible) shoots up to $5800.

NO office visits covered. Preventative package would include “covered” services such as OB-GYN w/ mammogram; well-child care consisting only of $500 max limit for vaccinations for kids – but all out of pocket expenses, as they would fall under the deductible first.

We are a healthy family, but this past year we had some unexpected health set-backs (my husband broke his nose, and my son had a trip to the ER for something minor on a Saturday night ). I had a CT scan, which cost a bundle and turned out normal (thought I had a hernia). We spent well over $3000 ON TOP OF our premiums (this for a PPOM), and we STILL did NOT meet our $2000 family deductible!

What does and does not constitute as going toward the deductible is sometimes quite nebulous, it seems.

My question is: with the numbers in mind – should we switch? Or stick with the PPOM? And why?

Thanks to any insurance and / or accounting expert/professional who takes the time to give us some insight into this whole HSA vs. PPOM thing.

Harris Stalter

@@@@@@@@@ asked:


What are the benefits for a health savings account if I already have medical and dental coverage?

Daina Dyckman

Ggirl99 asked:


I seem to be the only one in the family who sees what is really going on with them – Grandfather has alcohol dementia and has boozed and given away nearly $30 K of their savings over the past 3 years. Grandmother is febile and had 3 or 4 strokes, COPD, and mental health issues from living with the drunk, codependency etc…
They are about to reverse mortgage their house, but they can’t even safely live here without constant supervision. If they could, I’d say go for it because they obviously now need the money because of what my grandfather did spending all the savings.
My uncles want grandpa’s checks and bank account in grandma’s name only so that he can’t spend anymore.
He is definitely going to waste their reverse mortgage money fast! Because he has a sickness and is so incredibly irresponsible.
Although their kids tell me to do this, none of them want to do anything to help make a decision.
I can make the tough decision of getting him declared incompetent, what to do??
Also, neither of them has a will, health care surrogate, or any advanced directives, or anything drawn up, or a power of attorney…nothing.

Emily Esteybar

Bo D asked:


I had a health emergency that wiped out nearly 10,000 dollars in my checking account, and my savings account is empty.

My checking account is down to 500 dollars, and my landlord is about to cash my rent check to him for 750 in a day or two, and I don’t get paid until Friday, meaning it will overdraft my account.

I do however, have a credit card with nothing on it and a 5,000 balance.

Is there a way to use my credit card, to transfer money from that credit line, into my checking account so my rent-check doesn’t put me into overdraft?

I’ll have a 2,000 deposit by Friday, but for the next couple days, that’s the only way I can think to avoid calling my landlord and advertising to him I’m flat broke.

Can transferring money from a credit card line into a checking account be done?

Jasper Danns