Health Savings Account-Health Savings Account Info

Average College Student asked:


For the first phase, we need to establish a health account for all americans. This is the government option. Mostly preventative with emergency and life threatening stuff. Yes. Rationing. Heck we don’t need doctors in many of these cases. Use Medicare and Medicaid money. Make people pay for babies and abortions if they elect to. We should not be giving tax breaks for kids we should be increasing taxes on kids!

Second Phase, open up the health program and insurance savings plans so Americans can sock away savings for what they need. Have insurance companies compete against each other and make it a fight. Illegal aliens can even enroll in their Mexican plans paid for by their government and Americans can choose to also if they allow it and it is cheaper.

Sheldon Funderbunk

Do your thing asked:


The U.S. Senate recently released its long-awaited proposal for a government-run hostile takeover of the entire U.S. health care system. Predictably, it includes a barrage of higher taxes to pay for the bill’s immense price tag. [...]

All these increases, combined with state and local income taxes, would raise the average top marginal rate in the U.S. to over 52 percent. This would be higher than traditionally high-tax countries such as Italy, Spain, and even France. [...]

Below is a list of the tax increases Congress and the Administration have proposed to finance health care reform. This list includes taxes in the bill passed by the House of Representatives, the bill the Senate is currently debating, and other taxes mentioned as a possible way to pay for health care reform.

•An income surtax on taxpayers earning more than $500,000 a year,[1]
•An excise tax on high-cost “Cadillac” health insurance plans that cost more than $8,500 a year for individuals or $21,000 for families,[2]
•An excise tax on medical devices such as wheelchairs, ****** pumps, and syringes used by diabetics for insulin injections,[3]
•A cap on the exclusion of employer-provided health insurance without offsetting tax cuts,[4]
•A limit on itemized deductions for taxpayers with a top income tax rate greater than 28 percent,[5]
•A windfall profits tax on health insurance companies,[6]
•A value-added tax, which would tax the value added to a product at each stage of production,[7]
•An increase in the Medicare portion of the payroll tax to 3.4 percent for incomes great than $200,000 a year ($250,000 for married filers),[8]
•An excise tax on sugar-sweetened beverages including non-diet soda and sports drinks,[9]
•Higher taxes on alcoholic beverages including beer, wine, and spirits,[10]
•A tax on individuals without acceptable health care coverage of up to 2.5 percent of their adjusted gross income,[11]
•A limit on contributions to health savings accounts,[12]
•An 8 percent tax on all wages paid by employers that do not provide their employees health insurance that satisfies the requirements defined by the Secretary of Health and

Shakia Eighmey

Mick asked:


I have the option to get that, whats the catch ?

Tatiana

ValerieJ asked:


The health inspectors were in the building I reside in about 2 months ago and found many repairs that needs to be made and was not up to code. Including mold. I was instructed by my attorney to put my October rent in a savings account untill the repairs have been made. The owners have stated that they will not make the nescessary repairs untill after we are gone. I have never been late or behind in my rent and I now have an eviction notice and a court hearingf on friday. I have applied to couple apts and it is already showing up as a pending eviction the health inspectors never sent the owners the report of the repairs that need to be made untill 2 weeks ago andmakes me think why they had never done soi before then when they were here 2 months ago. Now I might have to take my 3month old to a shelter. Is this even legal.
The people that lived upstairs from me called the health inspectors right before they moved and reported the flaws. The health I nspectors sent the letter to the previous owner of the building and did not send tyo new owner untill we requested to do so.

Isidro Evelo

kc asked:


I understand that for the most part I can’t, but why? What’s the big deal?

Boyce Rodrguez

junkfood1 asked:


I have a checking account, savings, vaction, should I open a savings account for auto. It would be for car parts. Im makeing 8.75 and live at home so I want to save as much money. How much should I put away a month for my auto. My car repairs are like 400 to 500 dollars.

My bills are

rent 200
health insurance 67.00 each pay check
gas 1-100
retail 50-75
vacation fund 60 a month.

Natasha Hamiton

Layla asked:


Sorry I’m putting this in the wrong section but I’ve been reading lots of questions from you ladies and I think you’d have good responses on this question. Thanks for your help!! –Layla

Please bear with me…this is a long ugly story but I would appreciate as much advice as possible. I am a sophomore in college. Last year I went to a different college, a private school far from home it was a lot more expensive than the large university I attend now in my own state.
My father passed away suddenly when I was at my second week freshman yr of college. He had a life insurance plan of $100,000. My mom and him were divorced since I was one years old. My mom’s been remarried since I was three. I was my father’s only child. My dad also had 30,000 in his bank account which I had transferred to my own. I was really not myself when all this was going on–I was a mess about my dad dying a complete MESS. My mom badgered me into investing money in the stock market…I had almost all the 100,000 in the stock market. I thought I had 40,000 of it in a savings account but it turned out to be a mutual fund and I lost that too with the economy crash. The financial guy is this guy who worked with my mom. He is a very fair guy but made a lot of mistakes with my money. I also found out my mom was stealing thousands of dollars from my separate bank account. Please don’t lecture me for not knowing about this…I was stupid but I’ve down up a lot since then. I had a lot of health issues after my dad’s death including horrible stomach pains from stress ulcers over all of this. She was able to steal the money because before my dad died we had her linked to the account “chase college account” so she would be able to give me money when I was at school and needed it. When I found this out–I added it all up with my boyfriend. She would occasionally put the money back but she still owes me over 5000 dollars and she has no way to pay it back now. My mom treats me like crap all the time. She is verbally abusive and I have come to realize that I don’t know why I talk to her. I have no money to pay for college…so I tried talking to her about quitting the track team to get a job waitressing because I need money to pay rent for my apartment at school, food, the electric bill. She does not realize how if I don’t get some money soon I will be in serious trouble. There is still a hope that my stocks will go back up but I lost over 68,000 dollars. I cannot touch the stocks now because it’s not worth it to take it out and get a loss of so much money.
I am wondering what I should do about my mom. She never listens to me and she treats me horribly. She claims she wants what is best for me but I cannot stand her. She is always screaming at me about everything.
What should I do? I feel like I should do what I want, I am twenty years old .it’s my life. I need to get a job so should I just quit the team and get a job? My fear is having no money to pay for my apartment and being forced to move back home. I **** it at home and I wanted my whole life to turn 18 go to college and never have to live with my mom again.
My mom has some issues. This is not just a normal mother daughter not getting along situation. Piled on top of what she did with my money? I’m just not sure what I should do. I’d appreciate any and all thoughts on this.
Also–My dad was one of five and I feel like I should tell my aunts what my mom did and how i lost all my money. They don’t know and my mom guilt trips me into not telling anyone about it. My boyfriend says i’m a victim and I need to get out but what do you think? I should tell my aunts right ? My mom emails my aunts when she thinks i’m being a b****. I feel like they should know why I have a right to be upset and a little frustrated. My stepdad is no help. He and my mom don’t even talk anymore though they live in the same house with my two half siblings. They want a divorce but they can’t afford one.
I just want to be on my own and I feel like I have been a long time coming. I cannot stand my mother anymore and I feel like I shouldn’t have to deal with her issues anymore.

Emilio Vertrees

Eric D asked:


I have an HSA and was wondering if the purchase of condoms was included in this.

Beau Bugler

Connie asked:


My husband and I are solidly middle class. His company doesn’t offer health insurance. For a while we paid for a private policy, but it cost more than $800 a month and we still had a $40 co-pay (on a $45 office visit). Considering that we NEVER go to the doctor $800 worth in a month, we decided to be ‘self’ insured. We save the $800 per month and pay for our own medical expenses. I currently have more than $40,000 in our savings account. Last year my husband had a tumor in his sinus cavity. We paid cash for all of his medical expenses (which cost about $15,000). I really don’t understand how not having medical insurance is a huge issue. If you can afford health insurance, I don’t understand why you just can’t afford to pay for medical care. And if you can pay for medical care, how is it helpful for the government to force you to spend you money (up to 11% of your gross income) on an insurance policy? Why is it the government’s business if I choose to save my money and pay for my own medical expenses?
Under what program would the tax payer pay my excessive medical expenses if I depleted the money that I have specifically set aside to pay for medical expenses? If there is such a program, they should do away with it, because I have other assets besides that money that I could tap.

Yes, if my husband developed cancer or some other long-term, expensive illness, it would probably bankrupt us, but that is true with or without insurance because he is the primary wage earner. However, if anyone but my husband got sick, we would simply sell assets/borrow against assets and pay our bills.

I’m not suggesting that ‘poor’ people could do it. I’m suggesting that people who are solidly middle class and can afford insurance can also make a choice to be self-insured. Why does the government have a right to tell me that I can’t?

Annie

Who’s laughing now Barry! asked:


http://www.atr.org/

So what say you! Like this deficit neutral bill? It will cost the people not the budget like Medicare etc…

BREAKING: Comprehensive List of Taxes
In House Democrat Health Bill
From Ryan Ellis on Thursday, October 29, 2009 12:20 PM
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H.R. 3962, the “Affordable Health Care for America Act” has been introduced–all 1990 pages of it. This gargantuan beast contains thirteen new tax hikes. Here they all are, with description and page number (PDF version):

***

Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<$500,000), 2 percent ($500,000-$585,000), 4 percent ($585,000-$670,000), and 6 percent ($670,000-$750,000).

Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.

Medicine Cabinet Tax (Page 324): Non-prescription medications would no longer be able to be purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs). Insulin excepted.

Cap on FSAs (Page 325): FSAs would face an annual cap of $2500 (currently uncapped).

Increased Additional Tax on Non-Qualified HSA Distributions (Page 326): Non-qualified distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent). This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.)

Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327): This would further erode private sector participation in delivery of Medicare services.

Surtax on Individuals and Small Businesses (Page 336): Imposes an income surtax of 5.4 percent on MAGI over $500,000 ($1 million married filing jointly). MAGI adds back in the itemized deduction for margin loan interest. This would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent—a new effective top rate.

Excise Tax on Medical Devices (Page 339): Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price. It excludes retail sales and unspecified medical devices sold to the general public.

Corporate 1099-MISC Information Reporting (Page 344): Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments. Current law limits to just persons for small business compliance complexity reasons. Also expands reporting to exchanges of property.

Delay in Worldwide Allocation of Interest (Page 345): Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act

Limitation on Tax Treaty Benefits for Certain Payments (Page 346): Increases taxes on U.S. employers with overseas operations looking to avoid double taxation of earnings.

Codification of the “Economic Substance Doctrine” (Page 349): Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related.

Application of “More Likely Than Not” Rule (Page 357): Publicly-traded partnerships and corporations with annual gross receipts in excess of $100 million have raised standards on penalties. If there is a tax underpayment by these taxpayers, they must be able to prove that the estimated tax paid would have more likely than not been sufficient to cover final tax liability.

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House Healthcare Bill Uses the Term "Tax" 87 Times
From John Kartch on Thursday, October 29, 2009 11:44 AM
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A word search of the 1,990-page House healthcare bill (H.R. 3962) reveals that the term “tax” is used 87 times, “taxable” is used 62 times, and “excise tax” is used 10 times.
Other terms of interest are as follows:

House Healthcare Bill (H.R. 3962)
Term

Number of uses
“Tax”

87 times
“Taxable”

62 times
“Excise tax”

10 times
“Taxes”

15 times
“Fee”

59 times
“Penalty”

113 times
“Require”

118 times
“Must”

58 times
“Shall”

3,424 times

Click here for a printable PDF of this document

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Shizuko Zavitz