HSA for America Publishes Issue 6 of Maximize Your HSA
(ContentDesk) October 31, 2005 -- HSA for America has published Issue 6 of Maximize Your HSA. We feel it is important to help our clients get the maximum value from their health savings account, says Wiley Long, President of HSA for America.
Because HSA-qualified health insurance plans have high deductibles, charges for doctor visits, prescription drugs, and other medical expenses are typically paid for from the health savings account.
By knowing how to keep these expenses to a minimum, and what expenses can be paid for from a health savings account, an HSA owner can save hundreds or thousands of dollars. Maximize Your HSA is published monthly, and distributed via email.
Previous issues have covered ways to keep health insurance premiums low, how to pay for dental expenses from an HSA, and when over-the-counter medicines or nutritional supplements can be paid for from an HSA.
Subscriptions and past issues are available at http://www.HSAforAmerica.com/newsletter.htm.
HSAs first became available in 2004.
They enable individuals to set up tax-favored accounts that can be used to pay for medical expenses that are not covered by their health insurance.
Individuals are eligible for an HSA only if they have a qualifying high deductible health insurance plan with an annual deductible of at least $1,000 on individual plans, or $2,000 on family plans.All deposits into an HSA are tax-deductible.
Funds can be withdrawn tax-free at any time to pay for medical expenses.
Money not withdrawn grows tax-deferred like an IRA, and can be withdrawn penalty-free after age 65.
These accounts have already proven to be a popular health insurance option.
By 2008, it is predicted that there will be over 6 million HSA accounts.
Analysts expect there to be $10 to $25 billion in these accounts by 2010. HSA for America is pleased to offer this service to its members, says Wiley.
HSAs are still relatively new, and many accountants and financial advisers are not very familiar with them.
Since money invested in an HSA can grow to be hundreds of thousands of dollars by the time someone retires, it is important that HSA owners stay informed and educated.About HSA For America:HSA for America is a nationwide brokerage firm specializing in individual and family health insurance plans that are qualified to work with health savings accounts.
HSA for America, which represents dozens of insurance companies, offers instant quotes, online applications, and complete information on how health savings plans work.Contact Information:Fred AdamsHSA for AmericaToll-Free: (866) 254-5121Toll-Free Fax: (866) 284-0082http://www.HSAForAmerica.com.
Brand New Employer Sponsored Plan Is A Hybrid Of A Traditional 401(K) And A Roth Ira-January 1st, 2006 Is Start Date For New Roth 401(K) Retirement Savings Plan
(ContentDesk) December 7, 2005 -- Income tax rates have been cut, the marriage penalty done away with, and the "death tax" is also on a path to no more.
All of this is a result of the Bush administration's Economic Growth and Tax Relief Reconciliation Act which was passed by a Republican congress in 2001.
Another provision of that act goes into effect on January 1st, 2006, a hybrid of a traditional 401(k) and a traditional Roth IRA called the Roth 401(k).
Yet another employer sponsored savings plan, the new Roth 401(k) works in almost the same way as a traditional 401(k) plan.
Workers invest a portion of their income into a fund along with contributions from their employer (if any).
The difference is that the traditional 401(k) is funded with "pre-tax" dollars and the Roth 401(k) plan uses "after-tax" dollars.
However, with the Roth 401(k), withdrawal of your money at retirement will be tax free like a Roth IRA.
The traditional...
Ira > Brand New Employer Sponsored Plan Is A Hybrid Of A Traditional 401(K) And A Roth Ira-January 1st, 2006 Is Start Date For New Roth 401(K) Retirement Savings Plan
Behind The Curve?
BEHIND THE CURVEMarket index funds like Vanguard's famous S&P500 fund and the SPY "Spyder" on the AMEX caught on in the late 90's, right when the long bull market turned into a crazy bubble with a blowoff top in 2000.There are very good reasons to use index funds ? low expenses, the failure of most active managers to beat the indexes consistently and the statistical trend that says stocks return an average of 11% per annum over long periods of time. A cheap route to a "sure" return in a world of unreliable fund managers and individual investors who couldn't time the market right if they had an Olympic chronometer and three judges - looks good, huh?Just invest, forget about it and spend your time thinking about a comfy retirement. The S&P500 returned an annualized 17% per year from mid-1982 to mid-2000. Easy money with only a couple of dips on the way.Except ? what happens to your portfolio if the market indexes go nowhere for years on end?The statistics say that over the decades, the...
Behind The Curve?
Ira > Behind The Curve?
Want to Loosen Uncle Sam's Grip on Your Wallet?
Talking About MoneyWith Jim Larranaga(ARA) - The average person pays more than $6,000 in federal income tax, according to the Congressional Budget Office. If you cringe at sending a big chunk of change like that to Uncle Sam, you may be looking for ways to keep a little more jingle in your pocket. I'll give you some tips, but, like me, you should consult a tax advisor before taking steps that could affect your tax status.Maximize deductionsGive to charity. Support your favorite cause or clean out the attic and donate items you don't want to charity. Be sure to get a receipt for donations exceeding $250.Deduct qualified medical expenses.
Consider scheduling elective medical and dental procedures if you think your bills will pass the threshold for deducting medical expenses (7.5% of your adjusted gross income). Don't forget, long-term care insurance premiums may qualify for the deduction.Add up miscellaneous expenses. These and many other costs may be deductible if they exceed 2...
Want to Loosen Uncle Sam's Grip on Your Wallet?
Ira > Want to Loosen Uncle Sam's Grip on Your Wallet?
Entrust Administration, Inc. Launches New Web Site Bringing Truly Self Directed Plans? Closer to Home
In addition to its wealth of educational material, www.iraplus.com offers the ability to select and open an account with one of Entrust's nationwide local offices. Opening an account could not be simpler. All the necessary forms are available online together with detailed, yet easy-to-follow instructions. And both customers and non-customers may access the local and national event calendars, newsletters and questions and answer board."As we continue to grow the website allows us to continually share our resources, experience and expertise with an ever expanding audience of smart investors who want to take control of their investments," commented Hubert Bromma, President and CEO of Entrust.
Lisa Moren, Marketing Director for Entrust added,
"The expansion of our CE courses for real estate professionals, CPA and CFPs has allowed us to educate the industry in the use of Entrusts World of Choices?.
"Visitors also...
Entrust Administration, Inc. Launches New Web Site Bringing Truly Self Directed Plans? Closer to Home
Ira > Entrust Administration, Inc. Launches New Web Site Bringing Truly Self Directed Plans? Closer to Home
Armchair Millionaire Community Bulletin: You Don't Have to Be Rich to Live Rich
Interesting work by Richard Easterlin, an economic historian at UCLA, found that even though the gross domestic product per capita in the U.S. has more than doubled in the last 50 years, there has been virtually no change in the percentage of people who call themselves happy. In other words, a lot more wealth hasn't given us any more happiness. I'd also assert that more income won't necessarily provide you with financial security, either. Whether they are conscious about it or not, many people adjust their spending upward with their income, ending up with the same net worth earning $100,000 a year that they had when they earned $40,000 a year.
When we asked members of the Armchair Millionaire community to weigh in on this topic, we found that many have found ways to achieve financial security without a high income. Here are two such comments:"I make $50,000 a year--peanuts in Chicago--but I manage to save and invest over $15,000 a year. I contribute 25 percent of my pay to my...
Armchair Millionaire Community Bulletin: You Don't Have to Be Rich to Live Rich
Ira > Armchair Millionaire Community Bulletin: You Don't Have to Be Rich to Live Rich
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...
Don’t Blame the HSA
Ira > Don’t Blame the HSA
Ira HSA for America Publishes Issue 6 of Maximize Your HSA tires
7 Reasons Why you should take advantage of a free online credit report
7 Reasons Why you should take advantage of a free online credit reportThe internet is getting to be more and more useful, particularly when it comes to providing us with a free online credit report. This online opportunity of free credit report comes with a credit score so you can check online instantly and constantly. So what's the benefit of using a free online credit report? This free credit report online opportunity enables you to verify the accuracy and veracity of your credit information....
Ira HSA for America Publishes Issue 6 of Maximize Your HSA
Ira > 7 Reasons Why you should take advantage of a free online credit report