Health Savings Accounts by Rebecca J. Messreni

Healthcare’s Best Kept Secret! We don’t need REFORM! We need to be INFORMED!  HSAs were passed into law in 2003 and became effective January 1, 2004. They were created with the intent to give you more control over your own healthcare decisions and lower your overall cost – without compromising quality and choice. Simply put, a HSA is a tax favored savings account designed to pay (or save for) medical and preventive expenses with tax free dollars. Plus HSAs can provide an additional tax-deferred retirement account with the option of investment opportunities. As such, it is commonly referred to as a medical IRA (without many of the restriction and penalties). NULL

To qualify for a HSA, you must have a High Deductible Health Plan (HDHP). HDHPs offers a more affordable approach to health insurance while maintaining the protection and security in the event of a catastrophic illness or injury. In short, you use tax free funds from your HSA to cover medical and preventive expenses until your deductible is met. Once your deductible is met, your insurance kicks in and pays according to your plan design. As a national Independent HSA Administrator, we can work together with your agent (or help you find one) to ensure that you find the HDHP in your state that offers the best plan design for you at the lowest possible cost. For most, health insurance is complicated, convoluted, and way too expensive. Written in legalese with addendums that include riders, exclusions, limitations, etc., is it any wonder we turn to professionals for help? Then we sign the contract, pay the premiums, and hope our insurance will cover whatever life delivers us. (This caused me stress just writing it!)

But what if you could…

  • Reduce your premiums by 25% or more? Personally, I reduced my premiums by over 50% and used a strategy that decreased my premiums each year for the past 5 years.
  • Bank the money you save and reduce your taxable income? Last year, I reduced my taxable income by $3800. Plus I have that $3800 in a tax-deferred, interest bearing savings account.
  • Pay your medical & preventive expenses with tax free dollars? Services like vision, dental, chiropractic, acupuncture and alternative medicine (a few of my favorites).
  • Build an additional tax deferred investment account that’s exclusive only to this strategy? I’m on track to have an additional $90K and my son over $200K. (Commonly referred to as a medical IRA)

Yes We Can… Since 2004, over 8 million American’s have chosen consumer-driven plans; most specifically, Health Savings Accounts (HSA) coupled with a High Deductible Health Plan (HDHP)! HSA Benefits and Features

  • You own your HSA with complete control.
  • Simple to use – No Claim Forms – Keep your receipts.
  • HSAs are portable and stay with you – not your job.
  • Anyone can contribute (deposit) into your HSA.
  • All contributions are tax deductible.
  • Use your HSA for current or future medical expenses.
  • Tax exempt funds for preventive & alternative care.
  • Money you don’t spend rolls over year after year.
  • No ‘Use it or Lose’ requirements.
  • Earn tax-deferred interest with investment options.
  • 55 & older receive extra $1000 ‘catch-up’ contribution.
  • At 65, withdraw for any reason without penalties.
  • One time transfer from IRA into your HSA.
  • Rollover funds from FSA & HRA into your HSA.
  • Lower administrative costs for the employer.

HSAs follow wealth creating principles: Pay yourself first, protect your assets, keep as much of your money as possible with good tax strategies, invest in yourself and plan for retirement.

Remember, if you are self-employed, your insurance premiums plus your HSA deposits are tax-deductible.

The concept is simple: Lower your premiums; bank the money you save into a privately owned, interest bearing HSA; pay for medical, preventive, and alternative healthcare with tax free dollars; and lower your taxable income while saving for your retirement. In essence, this strategy allows you to choose your healthcare, pay yourself, and protect your assets by paying less to the insurance companies and the IRS. Will a HSA work for you? By reading this article, you are well on your way to knowing if a HSA/HDHP is right for you. As a complimentary service to members of The Network Marketing Magazine Community, we have arranged a FREE CONSULTATION to answer your questions and help you understand how this strategy could work for you based on your specific needs and goals. And there is no obligation whatsoever. Simply click on the link, fill out the request and and we’ll contact you ASAP. We look forward to meeting you! But wait… There’s More… We simply can’t put everything in one articles so this is the first in a series on HSAs. We will be sharing the affect they are having on consumers, with employers, and the economy. You probably won’t read this in mainstream media. Stay tuned…

 

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