Don’t Blame the HSA
Lake Geneva, WI (ContentDesk)February 23, 2006--Long before there were Health Savings Accounts (HSAs), people were buying High Deductible Health Plans (HDHPs) to save on their health insurance premiums. High income people would buy the HDHP because they saved money up front and if they got sick they could afford to pay out the higher deductible. Low income people bought the HDHP because that was what they could afford to make sure they were covered with health insurance. Many Americans are now discovering they can refinance their health insurance to higher deductible insurance plans to save money on their premiums; offset the deductible with tax-deductible savings, and the benefits of an HSA. Whether youre a Republican or Democrat, any time you are getting a tax deduction to save money (in the case of the HSA for your health care expenses) it is a win, win situation.
Everyday there are so- called think tanks with reports why HSAs are bad. The California Insurance Commissioner John Garamendi has published two reports blasting HSAs on his website www.insurance.ca.gov/. In his August 2005 report, he mentions that premiums for private coverage have soared 60% in the past four years in California under his watch. But this is not an HSA problem--- HSAs are just the savings tool, and higher-deductible plan premiums have risen at a far smaller rate. Are health insurance premiums overpriced?
Just look at the earnings reports of the major health insurance companies over the last few years.
Here are some recent earning headlines:
WellPoint Inc. nearly tripled its fourth-quarter profits , Aetna Inc. posted a 41 percent jump in quarterly earnings on higher health plan enrollment and UnitedHealth Group Inc., the nation's second-largest health insurer, said fourth-quarter profit climbed almost 18 percent as revenue rose 15 percent and as it added 3.6 million new customers .Making premiums for HSA-compatible insurance policies deductible from income taxes when purchased by individuals outside of work would drop the average persons health care expenses by approximately 25%. Allowing Americans to shop health insurance policies across state lines will also bring more competitive health insurance pricing. Drug companies offer free or greatly discounted drug programs for low income people.
We invite insurance companies to do the same.There is much that should be done, and it will take time to make sure all Americans have affordable health care. Continuing with the Presidents health care proposals and expanding the HSA program will benefit millions of Americans in the long run. "We talk with real people on a daily basis at HSA Trustee Services, and we hear their health care concerns. We know the HSA program is working" said Tim Morales founder of HSA Trustee Services. Thirty years ago the IRA was invented and has helped millions of Americans save for retirement.
After just two years, the HSA program is already helping Americans save for health care expenses and will be helping millions more in the future.About HSA Trustee ServicesHSA Trustee Services is a nationwide provider specializing in opening and servicing Health Savings Accounts (HSA) for individuals, families and groups since the inception of the HSA program in January 2004. HSA Trustee Services offers their exclusive HSA Rx Card for further savings on prescriptions drugs. For more information on this program, or the other benefits of using HSA Trustee Services, please call 866-HSA-2010 or visit the website at www.hsatrusteeservices.com. HSA Trustee Services is dedicated to Keeping the $avings in the Health Savings Account. .
Find Out Now If The New Roth 401(k) or 403(b) Is An Option For You
Woburn, MA (ContentDesk) October 26, 2005 -- Employers who offer 401(k) or 403(b) plans can start to offer their employees a Roth version of their plans on January 1, 2006. So, now's the time to ask your employer's benefits department whether they have started the process of amending their plan documents.
Don't be surprised if your employer balks, however, since Roth 401(k) s are scheduled to sunset on December 31, 2010 - meaning you'll have only five years to contribute to this type of account, unless a future tax bill extends their shelf life. A Traditional Salary Deferral Plan Versus A Roth
While contributions made to your current 401(k) or 403(b) plan reduce your taxable earnings, you will be taxed on money withdrawn from these retirement savings accounts eventually. With a Roth account, you forgo a tax savings today, but the money invested within the account grows tax-free - provided you're at least 59 1/2 and the account has been open for at least five years...
Ira > Find Out Now If The New Roth 401(k) or 403(b) Is An Option For You
Kindred Media Group and Solaris Entertainment Announce Production Begins on 'Superheroes'
West Hollywood, CA (ContentDesk) October 28, 2005 -- Kindred Media Group announced today that it has partnered with Solaris Entertainment to begin production on writer-director Ed Radtkes Superheroes, the first film to be financed at the production stage by Kindred.Produced by Greg OConnor ( Tumbleweeds, Miracle ) and Solaris exec Josh Fagin with industry veteran Ira Deutchman, Superheroes is an lyrical and imaginative independent feature film that tells the story of a thirteen-year old orphan thief who escapes the mean streets of New York by stealing video cameras with his friends and retreating into the documented lives of New York City tourists. Superheroes began production on October 15, 2005, and stars Jeremy Allen White, Peter Appel, Justin Soto, Samantha Hosie-Leung, Gil Rodgers, and Ed Seamon. OConnor is also producing the upcoming Pride & Glory for New Line, which will star Colin Farrell, Edward Norton, and Nick Nolte. Ed Radtkes last film, the highly acclaimed...
Kindred Media Group and Solaris Entertainment Announce Production Begins on 'Superheroes'
Ira > Kindred Media Group and Solaris Entertainment Announce Production Begins on 'Superheroes'
Roth IRA Contributions
The Roth IRA, or the individual retirement arrangement, is an ideal way to save for the retirement years. An individual can open his own IRA and contribute funds to it. What an individual contributes to the Roth IRA is termed as the compensation income. If you are employed, then the compensation income is the paycheck you get in lieu of your services. Compensation income can also be the income you get from being self-employed, or what you get from an alimony settlement.
There is a limit to the amount which a person can contribute.
The Contribution cannot be more than $4,000 per financial year, or 100% of your earned income, whichever is less. To contribute to the Roth IRA, you need to have taxable income, and also the adjusted gross income should be less than $110,000 individually, $160,000 if you are married and file a joint return, and $100,000 if you are married but file separate returns. Also, the amount you contribute to the Roth IRA will be reduced by the Contributions...
Roth IRA Contributions
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The Basics of Business Record Keeping
As a business owner, you may rely on an outside accountant to do your taxes and prepare financial statements. However, it's best that you or someone in your organization take on the responsibility of keeping an accurate set of financial records. Keeping good records yourself, no matter how unpleasant it may seem, will minimize the costs of paying an accountant and allow you more control of your financial information and operations. Maintaining good records can also help you avoid headaches at tax time by keeping track of your receipts and other records throughout the year. This can help you remember the various transactions you made during the year so you can properly document and maximize your tax deductions.
Normally, tax records should be kept for three years, but some documents - records relating to a home purchase or sale, stock transactions, IRA and business or rental property - should be kept longer.Good record keeping not only enables the IRS to evaluate your business...
The Basics of Business Record Keeping
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Take Advantage of End-of-Year Tax Breaks for the Self-Employed Physician and Healthcare Professional
There are lots of advantages to being self-employed that include quite a few tax breaks.
Even individuals who are just moonlighting on the side are allowed to set up a retirement plan for their own business and sock away a portion of the money earned into a pre-tax account.
According to Andrew Schwartz, CPA and founder of the MDTAXES Network of CPA's who specialize in providing tax and accounting services to healthcare professionals, "That holds true even for physicians and healthcare professionals who work for a hospital or clinic and are currently participating in that company's retirement plan."
Schwartz lists tax-savings situations for the self-employed as follows:? In 2004 self-employed individuals can contribute up to $18,000 into a SIMPLE
or up to $41,000 into a SEP or a Solo 401(k), depending on their income and whether they participate in a 401(k) plan or 403(b) plan through another employer. Self-employed individuals or Healthcare professionals...
Ira > Take Advantage of End-of-Year Tax Breaks for the Self-Employed Physician and Healthcare Professional
Deadline Near For Taxpayers with an Extension to File
(ContentDesk) August 12, 2004 -- For the almost 8.5 million taxpayers who opted in April to get an automatic extension of time to file their 2003 federal income tax return, the deadline to file those tax returns is August 16, 2004.Those who cannot meet the August 16th deadline can apply for an additional two-month extension, which would give them until October 15th.
However, there's no guarantee that the IRS will grant them an additional extension. If an application for an additional extension is not approved, an individual must file his or her tax return by August 16, or face paying a late filing penalty of 5 percent per month on the unpaid tax.Individuals who own a business have until their tax filing deadline to save on 2003 taxes by contributing to a SEP-IRA retirement plan, says Daniel Lamaute, retirement specialist at Lamaute Capital InvestSafe.com.
The SEP IRA contribution limit for 2003 is $40,000 or 25% of compensation, whichever is less.
A free application...
Ira > Deadline Near For Taxpayers with an Extension to File