October 10, 2008
Humana Helping Spanish Speaking Health Savings Account Owners
Humana Health Insurance has launched its new Interactive Voice Response Systems (IVRs) with complete Spanish functionality. IVR is an automated telephone technology that allows a computer to interact with members through pre-recorded voice responses, to gather and provide information and to route calls to further resources such as a live customer service representative.
"Spanish-speaking members will now be able to more efficiently perform such tasks as request new identification cards, get a proof of insurance fax or make a Health Savings Account (HSA) withdrawals," said John Brown, service vice president for Humana.
Continue reading "Humana Helping Spanish Speaking Health Savings Account Owners"
Posted by Wiley Long at 09:33 AM | Comments (0)
October 06, 2008
Health Savings Account Enrollments Continue To Rise
With insurance coverage and account custodian openings increasing, three new Health Savings Account trends are beginning to surfaced in the latest round of research conducted by Information Strategies, Inc. (ISI).
At the same time, account custodian numbers continue to grow with an average 18% increase on a quarter-to-quarter basis for the period ending June 30.
While the total number HSA accounts are growing, expected to double in 2008, there is a definite seasonality to purchases.
Continue reading "Health Savings Account Enrollments Continue To Rise"
Posted by Wiley Long at 10:14 AM | Comments (0)
October 01, 2008
Stop Attacking Health Savings Accounts
To get a clearer picture of the competing visions for health care reform, Americans need to look no further than the surgery some in Congress want to perform on patient choice. The disagreement, in Washington as well as on the campaign trail, is about whether consumers ought to have more or less say in their own health care.
Some pre-op background: As part of the Medicare Modernization Act of 2003, Congress created Health Savings Accounts. The idea was to give patients an affordable alternative to the high insurance premiums of traditional "first-dollar" coverage.
Continue reading "Stop Attacking Health Savings Accounts"
Posted by Wiley Long at 09:53 AM | Comments (0)
September 23, 2008
High Deductible Health Plan Consumers Report Satisfaction
A recent survey release by HSA Bank has shown that high deductible health plan respondents are more likely to be engaged consumers who ask about costs prior to making an appointment, seek information about generic prescription alternatives and select lower cost treatment alternatives. The results were compiled from HSA Bank's Consumer Benchmark Survey, which provides current data regarding consumer characteristics and expectations, as well as consumer healthcare purchasing behaviors.
More than 730 respondents answered the 30-question survey. Nearly two-thirds of the respondents had a high deductible health plan. Of those respondents, 87.8 percent also reported having a Health Savings Account.
Continue reading "High Deductible Health Plan Consumers Report Satisfaction"
Posted by Wiley Long at 10:45 AM | Comments (0)
September 15, 2008
HSA for America and INSNET Team Up to Help Health Savings Account Owners
HSA for America, The nation's leading independent health insurance firm specializing in Health Savings Accounts, has announced that it is adding billing negotiation services to its list of benefits for members and website visitors. With INSNET individuals are given access to a service that was previously only available to insurance companies and self-funded employers. Now, Americans can save even more money to fund their HSA accounts or use for other family expenses.
Continue reading "HSA for America and INSNET Team Up to Help Health Savings Account Owners"
Posted by Wiley Long at 10:01 PM | Comments (0)
September 09, 2008
IRS Clarifies Questions About Health Savings Accounts
New Internal Revenue Service guidance that answers dozens of questions employers have raised about health savings accounts will further boost the booming Health Savings Account market, experts say.
The much-anticipated guidance resolves everyday issues that include whether employees receiving services from on-site corporate medical clinics are eligible to open Health Savings Accounts, what employers can do when they mistakenly make a contribution to an employee’s Health Savings Account, whether Health Savings Account debit cards can be coded to pay only medical expenses and when Health Savings Account funds can pay Medicare Part D premiums.
Continue reading "IRS Clarifies Questions About Health Savings Accounts "
Posted by Wiley Long at 05:03 PM | Comments (0)
September 05, 2008
OptumHealth Bank Reaches Health Savings Account Deposit Milestone
OptumHealth Bank has announced that it has reached more than $600 million in Health Savings Account deposits, a significant industry milestone.
"OptumHealth Bank has achieved this milestone as a result of a nearly 50 percent increase in Health Savings Account assets from one year ago, as more and more consumers choose Health Savings Accounts to help them plan, save and pay for their health care," says Kelvin Anderson, president, OptumHealth Bank. "Deposits, investments and health care spending all increased substantially even during a time of economic stress and uncertainty – a testament to the foresight of individuals who understand the value of Health Savings Accounts and the need to manage their health care money wisely."
Continue reading "OptumHealth Bank Reaches Health Savings Account Deposit Milestone"
Posted by Wiley Long at 02:26 PM | Comments (0)
September 01, 2008
The Push to Make Health Savings Accounts Even Better
John C. Goodman, president of the National Center for Policy Analysis, also known as "the father of Health Savings Accounts" for having helped to create the HSA, has been meeting with government and business leaders this year to support the adoption of what he calls "Universal Health Savings Accounts."
This type of consumer-driven health plan would replace all other such plans, such as Health Savings Accounts, Flexible Spending Accounts (FSA) and Health Reimbursement Arrangements (HRA), he said.
Continue reading "The Push to Make Health Savings Accounts Even Better"
Posted by Wiley Long at 03:35 PM | Comments (0)
August 27, 2008
IRS Releases Health Savings Account Comparability Rules
The IRS has issued final regulations on how employers can comply with the comparable contribution requirements for Health Savings Accounts where an employee has not established a Health Saving Account by December 31st or an employee has not notified the employer that he or she has established a Health Savings Account. The regulations also address the acceleration of employer contributions for the calendar year for employees who have incurred qualified medical expenses exceeding the employer’s cumulative Health Savings Account contributions at that time. The final regulations adopt the provisions of the proposed regulations without substantive revision.
Continue reading "IRS Releases Health Savings Account Comparability Rules"
Posted by Wiley Long at 03:40 PM | Comments (0)
August 23, 2008
Use of Health Savings Accounts up 35 Percent
The number of Americans with insurance plans tied to Health Savings Accounts has passed the 6 million mark, according to America's Health Insurance Plans. Health Savings Accounts are tax-favored, individually owned savings accounts that can be used to pay for medical expenses in conjunction with a high-deductible insurance plan. About 6.1 million Americans were covered through Health Savings Account qualified health insurance plans in January 2008, up 35 percent over the same period a year earlier, according to AHIP, a trade association representing insurers. HSA plans have been in existence since January 2004.
Continue reading "Use of Health Savings Accounts up 35 Percent"
Posted by Wiley Long at 01:45 PM | Comments (0)
August 18, 2008
Finding the Best Health Savings Account Administrator
If you are considering setting up a Health Savings Account (HSA), the good news is that there are more options to choose from than ever before. But, as with any financial transaction, make sure you check out the details before you commit your money.
Health Savings Accounts let you to pay for health-care expenses, like co-pays and deductibles, and save for future retiree expenses, such as Medicare premiums, on a tax-free basis. To qualify for an HSA in 2008, you need to be enrolled in an HSA-qualified health insurance plan with a deductible of at least $1,100 for individual coverage or $2,200 for a family.
Continue reading "Finding the Best Health Savings Account Administrator"
Posted by Wiley Long at 02:23 PM | Comments (0)
August 13, 2008
Georgia Approves Health Savings Account Reforms
Gov. Sonny Perdue signed Senate Bill 383 and House Bill 977, which will make High Deductable Health Plans paired with Health Savings Accounts more affordable and available in Georgia.
House Bill 977 exempts insurers from state premium taxes for the sale of high deductible health plans with a Health Savings Account, while allowing consumers to deduct from state income taxes an amount equal to premiums paid for their Health Savings Account insurance plan.
Continue reading "Georgia Approves Health Savings Account Reforms"
Posted by Wiley Long at 10:08 AM | Comments (0)
August 10, 2008
Health Savings Account Contribution Question
I have a Health Savings Account that was opened when my employer switched to a high-deductible policy. My pre-tax deductions were deposited in the Health Savings Account from my paycheck. I have moved to another employer that does not offer a high-deductible policy. Can I still contribute to the Health Savings Account? If so, are the contributions tax-deductible? Can I still pay health-related costs from the Health Savings Account?
You can only make Health Savings Account contributions for the months that you were covered under an HSA-qualified high-deductible health insurance plan. But...
Continue reading "Health Savings Account Contribution Question"
Posted by Wiley Long at 03:22 PM | Comments (0)
August 07, 2008
IRS Raises Heath Savings Account Contribution Limits
The IRS and Department of Treasury have elevated the ceiling for contributions to tax-deductible Health Savings Accounts.
By increasing maximum Health Savings Account contributions for 2009, the IRS and Department of Treasury have made it more attractive for individuals and employers to consider Health Savings Accounts when looking at health insurance options. Money contributed to a Health Savings Account is tax-deductible, and can be used to pay qualified medical expenses tax-free.
The contribution limit has been raised to $3000 for individuals and $5950 for families.
Continue reading "IRS Raises Heath Savings Account Contribution Limits"
Posted by Wiley Long at 03:14 PM | Comments (0)
August 04, 2008
Winn-Dixie Helping Health Savings Account Owners
Winn-Dixie shoppers can now use their Health Savings Account cards at any checkout register when purchasing over-the-counter health and wellness items.
The Jacksonville-based grocer upgraded its software so that each of the thousands of checkout registers in the chain can identify qualifying products, charge them to the Health Savings Account, and then automatically subtract that amount from the total owed for all other purchases.
Continue reading "Winn-Dixie Helping Health Savings Account Owners"
Posted by Wiley Long at 09:55 AM | Comments (0)
July 23, 2008
Things to Know About Health Savings Accounts
Health savings accounts have become very popular. Since their introduction in 2004, approximately 2.5 million Americans have enrolled in Health Savings Account (HSA) qualified health plans. But, alas, HSA plans are not for everyone.
Here are some pointers to help you consider whether a Health Savings Account will benefit you and your family:
Continue reading "Things to Know About Health Savings Accounts"
Posted by Wiley Long at 05:24 PM | Comments (0)
July 19, 2008
Health Savings Account Banks Selling Health Insurance?
Several of the nation's largest health insurers operate banks that administer Health Savings Accounts opened by their enrollees. But continued growth of Health Savings Accounts could prompt banks to launch their own health insurance companies, some industry observers predict.
Getting into the insurance business could be a way for banks to increase their deposits and capture billions of dollars previously paid to health plans in the form of premiums, says James Knight, M.D., chairman of 1st Pacific Bank of California and CEO of Consumer Directed Health Care, Inc., a consumer-directed health (CDH) consulting firm.
Continue reading "Health Savings Account Banks Selling Health Insurance?"
Posted by Wiley Long at 12:16 PM | Comments (0)
July 15, 2008
UnitedHealthcare Health Savings Accounts
UnitedHealth Group has announced that enrollment in its Health Savings Account qualified plans has surpassed 2.7 million individuals at UnitedHealthcare and its affiliates (Golden Rule), and for the first time more consumers are covered by a health plan connected to a Health Savings Account than a Health Reimbursement Account. The numbers illustrate a continuing rise in the popularity of Health Savings Accounts, which have been offered for just four years, compared to Health Reimbursement Accounts, which have been available since 2000.
Continue reading "UnitedHealthcare Health Savings Accounts"
Posted by Wiley Long at 10:08 AM | Comments (0)
July 09, 2008
Defending Health Savings Accounts
Greg Scandlen of Consumers for Health Care Choices set the record straight on Health Savings Accounts in his recent testimony to the Health Subcommittee of the Ways and Means Committee of the US House of Representatives. Given that this is the very committee trying to destroy Health Savings Accounts for honest Americans, his remarks are especially timely.
Here's an excerpt from his testimony:
...Most of what you have been told in the testimony to date is either mistaken, based on suppositions or surveys of uninformed people, or simply irrelevant to Health Savings Accounts. For example –
Continue reading "Defending Health Savings Accounts"
Posted by Wiley Long at 09:15 AM | Comments (0)
July 04, 2008
Celebrating Independence Day and Health Savings Accounts
People who carry a Health Savings Account insurance plan tend to value their freedom and independence. Similarly to our founding fathers, people with Health Savings Accounts find they can do better by taking personal responsibility for their fate, rather than depend on the government (or King) to take care of their every need. On this 4th of July, allow me to share with you a little history of Independence Day.
Continue reading "Celebrating Independence Day and Health Savings Accounts"
Posted by Wiley Long at 03:13 PM | Comments (0)
July 01, 2008
Statistics Report On Health Savings Account Usage
Canopy Financial has announced the release of their inaugural Health Savings Account (HSA) Market Report for Q1 2008. The report aggregates and tracks statistics related to actual HSA usage via a series of key market indicators and will be published quarterly.
As evidenced in the report, Q1 2008 realized significant quarter-over-quarter growth in average funds held in both HSA deposit and investment accounts - as high as 25% for deposit accounts - indicating that Health Savings Accounts are being used as savings account vehicles with larger average balances than the average retail checking account.
Continue reading "Statistics Report On Health Savings Account Usage"
Posted by Wiley Long at 09:23 AM | Comments (0)
June 27, 2008
Is Congress Messing with Your Health Savings Account
In April, House Democrats passed legislation that would impose onerous and unnecessary reporting requirements on people with tax-free Health Savings Accounts. As of January, more than 6 million Americans have Health Savings Account coverage. That includes nearly 640,000 Californians, or about 3 percent of all Californians under age 65. In other states, Health Savings Account qualified insurance plans cover nearly 1 in 10 people under age 65.
Current law requires Health Savings Account holders to document their withdrawals in the event of an IRS audit. The new legislation would require every Health Savings Account holder to document every HSA-qualified withdrawal, every time they file their taxes.
Continue reading "Is Congress Messing with Your Health Savings Account"
Posted by Wiley Long at 09:31 AM | Comments (0)
June 25, 2008
Many Health Savings Account Owners Make IRA Transfer
Eligible individuals can now make a one-time tax-free transfer of individual retirement account (IRA) funds to start a Health Savings Account (HSA) under the guidelines set down in IRC Sec. 223. Under the amendment, employees can use what was originally in their IRA to pay for medical benefits without having to pay for the 10% additional tax under IRC Sec. 72(t).
The legislation also allows you to use of existing funds in your IRA as a source of tax-free contribution to your existing Health Savings Account.
Continue reading "Many Health Savings Account Owners Make IRA Transfer"
Posted by Wiley Long at 02:44 PM | Comments (0)
June 23, 2008
Retailers Helping to Track Health Savings Account Expenses
CVS pharmacy, Target, and other retailers are starting to make it easier to track eligible expenses for Health Savings Accounts.
"The use of Health Savings Accounts has grown dramatically over the past two years - a 35 percent increase since last year," said Rob Price, senior vice president of marketing for CVS/pharmacy. "But many consumers don't realize that managing their funds throughout the year can be simple and, more importantly, can result in significant cost-savings, particularly for those with chronic conditions."
Continue reading "Retailers Helping to Track Health Savings Account Expenses"
Posted by Wiley Long at 02:10 PM | Comments (0)
June 19, 2008
How to Manage Health Savings Accounts
Thousands of people now have HSA-qualified health insurance plans, yet many are not taking advantage of the money-saving benefits of a Health Savings Account. Properly funding and managing your HSA can allow you to write off the costs of your medical expenses, reduce your health insurance premiums, get a reduction on your income taxes, and build up money tax-free to cover future medical expenses.
Health Savings Accounts consist of two parts - the high deductible health plan (HDHP), and the Health Savings Account (HSA) itself. By carefully choosing which bank you use to establish your HSA, and strategically choosing how to fund your account and manage your investment, you will be able to get the most return on your money while keeping your expenses to a minimum.
Continue reading "How to Manage Health Savings Accounts"
Posted by Wiley Long at 02:39 PM | Comments (1)
June 15, 2008
How Health Savings Accounts are Taxed
Contributions by an individual to a Health Savings Account are deductible in calculating the individual's adjusted gross income (AGI) (that is, they are above-the-line deductions), whether or not he or she itemizes deductions. If an employee makes contributions to a Health Savings Account in the form of pretax salary reductions under a cafeteria plan, they are excluded from income for purposes of federal income and employment taxes. Contributions made by a family member to a Health Savings Account on behalf of an individual are also deductible in determining the individual's AGI, whether or not he or she itemizes deductions.
Continue reading "How Health Savings Accounts are Taxed"
Posted by Wiley Long at 05:30 PM | Comments (0)
June 10, 2008
4.5 million enrolled in Health Savings Accounts
A new census released by America’s Health Insurance Plans (AHIP) discovered that 4.5 million Americans - a 43 percent increase from last year - are covered by lower-premium, high-deductible health insurance plans offered in conjunction with Health Savings Accounts (HSAs).
The census found that 27 percent of those purchasing HSA plans in the individual market were previously uninsured and almost half of those enrolled in such plans were older than age 40.
Continue reading "4.5 million enrolled in Health Savings Accounts"
Posted by Wiley Long at 10:27 AM | Comments (0)
June 06, 2008
Using Your Health Savings Account for Retirement
Many individuals are now using Health Savings Accounts as a way to supplement their traditional retirement accounts, such as 401ks. A Health Savings Account (HSA) allows users to pay for health related expenses, such as office visit copays, deductibles, and medication. Users can also use the accounts to save for future medical expenses, premiums for health insurance, or even Medicare premiums.
In order to participate in an HSA, a person must be covered by a high-deductible health plan (HDHP), which is a type of insurance plan that typically has lower premiums than a traditional plan, but has a much higher deductible.
Continue reading "Using Your Health Savings Account for Retirement"
Posted by Wiley Long at 03:25 PM | Comments (1)
June 02, 2008
What Can A Health Savings Account Do For Your Family
Giving your family health insurance a checkup is a smart way to save money. That’s the news from analysts who say that in many cases, switching from a traditional family health insurance plan to a high deductible plan with a Health Savings Account will significantly cut your annual health insurance costs.
Indeed, for many families with yearly medical expenses of about $1,500, the total savings often exceed $6,000 a year, which includes tax reductions of $1,500 or more, as well as health insurance premium savings. Lets take a closer look at Health Savings Accounts:
Continue reading "What Can A Health Savings Account Do For Your Family"
Posted by Wiley Long at 09:16 PM | Comments (2)
May 28, 2008
Census Shows 4.5 million enrolled in Health Savings Accounts
A new census released by America's Health Insurance Plans (AHIP) discovered that 4.5 million Americans - a 43 percent increase from last year - are covered by lower-premium, high-deductible health insurance plans offered in conjunction with Health Savings Accounts.
The census found that 27 percent of those purchasing Health Savings Account plans in the individual market were previously uninsured and almost half of those enrolled in such plans were older than age 40.
Continue reading "Census Shows 4.5 million enrolled in Health Savings Accounts"
Posted by Wiley Long at 09:28 AM | Comments (0)
May 24, 2008
Banks Offering More Health Savings Accounts
Customers have been asking financial institutions for Health Savings Accounts (HSAs), and according to a survey conducted by Wolters Kluwer Financial Services (WKFS), banks and credit unions are beginning to respond to those requests.
Experts say the increased demand comes from consumers who want more control over their health care. And those customers are using Health Savings Accounts to do just that.
Continue reading "Banks Offering More Health Savings Accounts"
Posted by Wiley Long at 09:38 AM | Comments (0)
May 20, 2008
Health Savings Accounts Attacked by Backroom Earmark
Congressman Pete Stark (D-CA) is next in line to be the Chairman of the House Ways and Means Committee. He's probably also public enemy number one to Health Savings Accounts. He has tucking an earmark into a tax bill which would cripple and undermine Health Savings Accounts.
First, some background: HSA funds can generally only be used for qualified medical expenses. Taking money out for non-medical reasons generally results in taxes owed on the withdrawal, plus a 10% penalty. Taxpayers assert that the withdrawal was for medical expenses (or not) on their tax return, under penalty of perjury.
Like any other deduction, liars and cheats are caught using the IRS's audit process as it has been done for many years.
Continue reading "Health Savings Accounts Attacked by Backroom Earmark"
Posted by Wiley Long at 10:13 AM | Comments (0)
May 16, 2008
Use of Health Savings Accounts Continue to Grow
In a market where health insurance costs continue to rise for employers, more companies are turning to high-deductible health plans – and the accompanying Health Savings Accounts – to help defray costs.
An estimated 7 million people are covered by 2.2 million Health Savings Accounts as of the beginning of 2008, according to a survey by industry publishing company Atlantic Information Services Inc. Those HSA accounts hold $3.2 billion, up 60 percent from $2 billion at the beginning of 2007.
Continue reading "Use of Health Savings Accounts Continue to Grow"
Posted by Wiley Long at 08:27 AM | Comments (2)
May 11, 2008
HSA for America Opposes Health Savings Account Substantiation
HSA for America strongly opposes any proposal that would require substantiation of Health Savings Account withdrawal transactions or any radical change to the current administration of Health Savings Accounts.
Health Savings Accounts are a dynamic, consumer-friendly and increasingly popular health insurance product enjoyed by millions of Americans. Current law already requires individuals with an HSA to keep and supply receipts to the Internal Revenue Service when requested. It is the individual's responsibility to keep good tax records--through self reporting--just as they do with charitable contributions and other tax deductions.
Continue reading "HSA for America Opposes Health Savings Account Substantiation"
Posted by Wiley Long at 06:54 PM | Comments (0)
May 08, 2008
A Health Savings Account Can Meet Your Family's Health Needs
Making sure that your family is able to stay healthy partly depends on having a good health insurance program for them. One of the more recent new additions to the health insurance industry is called the Health Savings Account (HSA). This new program enables you to have reduced insurance rates because of a higher deductible, and a tax deferred savings program with it. Here are some of the features of this program:
Continue reading "A Health Savings Account Can Meet Your Family's Health Needs"
Posted by Wiley Long at 10:08 AM | Comments (0)
May 05, 2008
Employer Interest in Health Savings Accounts Is Growing in Colorado
Fifteen percent of Colorado employers offered Health Savings Accounts (HSAs) in 2007, and 23 percent considered offering one, according to a survey conducted by the Mountain States Employers Council (MSEC).
"It's a good thing!" said Linda Gorman, director of health care policy at the Colorado-based Independence Institute. "The more choice you give people, the better off they are. You have more choice with the HSA because you can spend it on anything the IRS deems a legitimate health expense."
Continue reading "Employer Interest in Health Savings Accounts Is Growing in Colorado"
Posted by Wiley Long at 11:23 AM | Comments (0)
May 01, 2008
Aetna To Offer Health Savings Account Plans To Conn. Businesses
Aetna will begin offering individual health insurance policies to about 40,000 businesses and through 79 Chambers of Commerce in Connecticut, under an agreement with the Chamber Insurance Trust.
The arrangement is aimed at sole proprietors of businesses and workers who don't have insurance through an employer, and could help reduce the number of uninsured residents in the state, said Stephen Glick, administrator of the trust.
Continue reading "Aetna To Offer Health Savings Account Plans To Conn. Businesses"
Posted by Wiley Long at 10:50 AM | Comments (0)
April 29, 2008
Managing Costs With Your Health Savings Account
As health care consumers and employers look to Health Savings Accounts and high deductible plans to reduce their health insurance premiums, the insured are at higher risk for their medical expenses. In exchange for lower premiums, health care consumers spend hundreds or even thousands of dollars on deductibles before their insurance companies pay a nickel. The new trend has health care consumers scrambling.
Denver medical providers offer advice:
Continue reading "Managing Costs With Your Health Savings Account"
Posted by Wiley Long at 07:30 AM | Comments (0)
April 24, 2008
Survey Shows Satisfaction in Health Savings Account Plans Increasing
The Commonwealth Fund teamed up with the Employee Benefits Research Institute (EBRI) to publish the results of an annual, Internet-based survey on the experiences of enrollees in health plans with different levels of cost-sharing.
The previous three surveys all showed enrollees were not as satisfied with Health Savings Account (HSA) plans as those in comprehensive plans. However, satisfaction has improved in the most recent survey:
Continue reading "Survey Shows Satisfaction in Health Savings Account Plans Increasing"
Posted by Wiley Long at 12:02 PM | Comments (0)
April 21, 2008
Getting Healthy Through Health Savings Accounts
A small Edina, MN company is finding its niche in the fledgling market for Health Savings Accounts, betting people soon will start investing more and more excess funds in their accounts.
Remjeske heads a small Edina, MN investment house called Devenir that's staking its future on Health Savings Accounts (HSAs).
Continue reading "Getting Healthy Through Health Savings Accounts"
Posted by Wiley Long at 12:34 PM | Comments (0)
April 18, 2008
Do You Qualify For a Health Savings Account
I am 60 and retired with sources of income from investments and pensions, but no earned income. Would I qualify for a Health Savings Account if I took out a high-deductible policy?
You sure can, and it's a great idea. Unlike with IRAs, you don't need to have earned income to qualify for a Health Savings Account. Instead, you just need to open a high-deductible health insurance policy. For 2008, the deductible must be at least $1,100 for individual coverage or $2,200 for family coverage.
Continue reading "Do You Qualify For a Health Savings Account"
Posted by Wiley Long at 09:21 AM | Comments (0)
April 14, 2008
Long Term Care and Health Savings Accounts
As the April 15 tax deadline looms, filers should not overlook the deductions allowed for long term care insurance and the potential combination of using your Health Savings Account to pay for them.
According to LTC Financial Partners LLC, the nation’s most experienced long term care insurance agency, "People with LTC policies can deduct substantial sums, and those who don’t have policies, but want them, can set themselves up now for deductions next year."
Continue reading "Long Term Care and Health Savings Accounts"
Posted by Wiley Long at 04:55 PM | Comments (0)
April 08, 2008
Health Savings Accounts Are A Great Business Opportunity
Some business owners say they never like to sit tight. They're always thinking of new schemes to make millions. Chocolate chip cookies stuffed with bubble gum. Golf balls with GPS devices. A working cell phone.
They're jealous of those entrepreneurs that fail at 87 businesses before finally getting it right. They've seen photos of them vacationing in Tahiti with a bikini-clad model under each arm, and we say why not us?
So, as a public service to anyone who wants to start a new business, here's a great idea to chew on: Sell and service Health Savings Accounts (HSAs)... No, I'm not kidding.
Continue reading "Health Savings Accounts Are A Great Business Opportunity"
Posted by Wiley Long at 02:42 PM | Comments (0)
April 04, 2008
Not All Tax Preparation Software Can Handle Health Savings Account Deductions
Several Health Savings Account owners who file their federal taxes electronically are complaining that commercial tax-preparation software makes it difficult to take Health Savings Account deductions, and as a result some Americans are missing out on a key advantage of Consumer Driven Healthcare.
"A number of people have been frustrated in dealing with the software," says Grace-Marie Turner, president of the Galen Institute, a Washington, D.C.-based health and tax policy research organization. "I'm hearing from more and more people."
Continue reading "Not All Tax Preparation Software Can Handle Health Savings Account Deductions"
Posted by Wiley Long at 02:37 PM | Comments (1)
April 01, 2008
BearingPoint Predicts Rapid Expansion of Health Savings Accounts if Universal Health Coverage Programs are Adopted
BearingPoint, Inc., one of the world's largest management and technology consulting firms, released projections for the impact of the most widely touted health proposal across the presidential candidates' platforms - universal coverage - on multiple health constituents. Universal coverage as described in the presidential health platforms, is being applied in California and Massachusetts and requires coverage for all (or nearly all) residents through mandates or incentives, for insurance usually supplied through employers of all sizes.
In application, this would increase the offering of high-deductible health plans (HDHPs) and Health Savings Accounts (HSAs).
Posted by Wiley Long at 01:25 PM | Comments (1)
March 26, 2008
The Entrust Group Unveils Health Savings Account Product
The Entrust Group, a self-directed retirement account provider has announced the launch of their Health Savings Account product -- The Entrust Self-Directed HSA. Like other HSA products, the Entrust Self-Directed HSA can be used to pay for current or future qualified medical expenses, when combined with a high deductible health care plan. In addition, since the funds in the account can be self-directed, the account holder may invest their savings into many types of non-traditional assets, including real estate, notes, mortgages, private placements and more.
Continue reading "The Entrust Group Unveils Health Savings Account Product"
Posted by Wiley Long at 10:14 AM | Comments (0)
March 20, 2008
HSA for America Releases 2008 Edition of 'The Complete Consumer's Guide to Health Savings Accounts'
HSA for America has released the 2008 edition of their popular guide to Health Savings Accounts called "The Complete Consumer's Guide to Health Savings Accounts." This comprehensive 36 page report explains how Health Savings Accounts work, what insurance plans can be partnered with an HSA, how to choose the best plan, and strategies to help consumers maximize their savings and tax benefits.
The vast distribution of past editions of this guide has proven to be an asset to those seeking to be fully informed about Health Savings Accounts. This report is available free of charge to anyone interested in learning more about Health Savings Accounts.
Posted by Wiley Long at 09:40 AM | Comments (0)
March 16, 2008
Important Tax Filing information for those with Health Savings Accounts
The IRS has recently released an updated version of Publication 969 for use in preparing tax returns for the 2007 fiscal year. Publication 969 pertains to tax favored health accounts, including information regarding Health Savings Accounts, Health Reimbursement Arrangements, Flexible Spending Accounts, Archer Medical Savings Accounts, and Medicare Advantage Medical Savings Accounts.
The updated document reflects the new 2007 limits for Health Savings Accounts and incorporate changes made by the Tax Relief and Health Care Act of 2006 which took effect in 2007.
Continue reading "Important Tax Filing information for those with Health Savings Accounts"
Posted by Wiley Long at 02:05 PM | Comments (0)
March 12, 2008
Mangrove Announces Health Savings Account Product Launches
Mangrove Employer Services, a leading software and services provider of web-based Human Resource Management, Payroll, Benefits Administration and Self Service solutions, announces the launch of its new Health Savings Account and Health Reimbursement Account programs.
Mangrove Employer Services teamed up with an experienced and trusted partner, Evolution Benefits, the technology leader in electronic benefits payment services, in 2007 to provide this new offering.
Continue reading "Mangrove Announces Health Savings Account Product Launches"
Posted by Wiley Long at 12:51 PM | Comments (0)
March 07, 2008
Health Savings Account Owners Get New Tool to Compare Prices
You can buy almost anything online these days, but try shopping the Internet for an MRI, strep throat test or even an annual physical exam and you'll run into roadblocks. Health Savings Account owners know the frustrations and are always looking for better ways to shop for health care.
A new Twin Cities company called Carol is trying to change that with a Web site that gives Health Savings Account consumers a "care marketplace" to search for medical services, compare quality and price, and make appointments.
Continue reading "Health Savings Account Owners Get New Tool to Compare Prices"
Posted by Wiley Long at 10:41 AM | Comments (0)
March 04, 2008
HSA Administrator Exante Bank Names New President
Kelvin Anderson has been named president of Exante Bank, a Health Savings Account administrator affiliated with UnitedHealth Group.
Anderson takes over at the Minnetonka-based bank -- just ahead of Exante's and its parent company's Exante Financial Services' name change to OptumHealth Bank and OptumHealth Financial Services. The name change became effective March 3.
Continue reading "HSA Administrator Exante Bank Names New President"
Posted by Wiley Long at 08:02 AM | Comments (0)
February 29, 2008
Employers Explore Health Savings Account Options
David Martin, owner of Accucam in Coopersville, Mich., thought he had run out of health-care options for his workers when the provider of his group health plan dropped their coverage. Premiums had doubled the prior year, and participation dwindled to three of 15 workers.
So instead of providing group insurance, Mr. Martin is offering allowances -- such as contributions to Health Savings Accounts -- to employees who buy their own coverage in the individual market. Other small and medium-size employers are also providing stipends to workers who buy their own coverage through similar defined contribution programs.
Continue reading "Employers Explore Health Savings Account Options"
Posted by Wiley Long at 01:49 PM | Comments (0)
February 25, 2008
Report Shows Financial Industry is Ignoring Health Savings Accounts
While consumers have an interest in Health Savings Accounts, only a handful of financial companies that provide Health Savings Accounts promote the savings vehicle.
According to a white paper, "Health Savings Accounts as Retirement Savings Protection," UMB Financial Corp. of Kansas City, Mo., New York-based JPMorgan Chase & Co. and The Vanguard Group Inc. of Malvern, Pa., are in a minority of companies that effectively promote Health Savings Accounts on their websites.
Continue reading "Report Shows Financial Industry is Ignoring Health Savings Accounts"
Posted by Wiley Long at 07:14 AM | Comments (0)
February 20, 2008
Health Savings Accounts Helping to Counter Rising Insurance Premiums
A recently released national survey regarding employee benefits produced results that should hardly be shocking - that health insurance is expensive and costs continue to rise at an alarming rate.
To combat this trend, thousands of companies have found an option to their liking - "IRA-like" Health Savings Accounts. Reasons are abundant as to why Health Savings Accounts are growing in popularity to employees:
Continue reading "Health Savings Accounts Helping to Counter Rising Insurance Premiums"
Posted by Wiley Long at 09:20 PM | Comments (0)
February 15, 2008
Survey Finds Financial Institutions See Health Savings Accounts As a Significant Business Opportunity
A majority of the nearly 1,200 financial institutions responding to a recent Wolters Kluwer Financial Services survey say they are offering their customers Health Savings Accounts and that the top reason they are doing so is customer demand.
Sixty-two percent of the survey's respondents, a majority of which were community banks and credit unions, said they are offering Health Savings Accounts while more than one in three of the respondents who said they weren't, are planning to do so in the next three months.
Posted by Wiley Long at 08:39 AM | Comments (0)
February 12, 2008
Health Savings Accounts Creating Healthy Lifestyles and Retirement Income
As we've long said, Health Savings Accounts bring a win-win-win situation for participating individuals, employees, employers and insurance providers a like... Here's how:
Health Savings Accounts promote personal accountability for one's health. By replacing a traditional plan with an HSA-qualified health insurance plan, individuals and employees not only get better coverage but other long-lasting benefits as well.
Continue reading "Health Savings Accounts Creating Healthy Lifestyles and Retirement Income"
Posted by Wiley Long at 08:51 AM | Comments (0)
February 07, 2008
HSA Bank Reaches Health Savings Account Milestone
HSA Bank has announced that it has become the first Health Savings Account (HSA) administrator in the nation to surpass $500 million in HSA deposits.
"Reaching a half billion dollars in overall HSA deposits is not only a remarkable milestone for HSA Bank, but for the HSA industry as a whole," said Kirk Hoewisch, president of HSA Bank. "This milestone confirms the viability and acceptance of the consumer-directed health care model as part of the solution to the country's health care crisis."
Continue reading "HSA Bank Reaches Health Savings Account Milestone"
Posted by Wiley Long at 10:02 AM | Comments (0)
February 04, 2008
Health Savings Accounts Can Be A Healthy Aid To Retirement
The Wall Street Journal has finally reported something we have been saying for years. Tax-advantaged Health Savings Accounts (HSAs) can be used to supplement traditional retirement accounts.
An HSA can provide a valuable source of retirement income alongside your 401(k) and individual retirement account if you let your funds grow, says the Journal:
Continue reading "Health Savings Accounts Can Be A Healthy Aid To Retirement"
Posted by Wiley Long at 10:40 AM | Comments (1)
February 01, 2008
Georgia to Make Health Savings Accounts More Attractive
Georgia lawmakers have unveiled proposed legislation that would make health insurance more affordable in the state of Georgia
The legislation would encourage small businesses to provide their employees with high-deductible health plans, coupled with Health Savings Accounts. It will also allow Georgians to deduct health insurance premiums from their state taxes if they have a high-deductible health insurance plans, said State Sen. Judson Hill (R-Marietta).
Continue reading "Georgia to Make Health Savings Accounts More Attractive"
Posted by Wiley Long at 01:39 PM | Comments (0)
January 29, 2008
Health Savings Accounts Are Becoming Infectious
In most American homes, the rising cost of good health care - like the rising costs of gasoline and home heating - remains a perpetual kitchen-table discussion. There are trends that are catching the attention of consumers and industry alike, and it appears they will continue to shape the health-coverage market.
As more Americans search for alternative, affordable ways to find coverage for health care, they are increasingly being drawn to Health Savings Accounts. The Treasury Department forecasts that, by 2010, 25 million to 30 million Americans will be covered by Health Savings Accounts.
Continue reading "Health Savings Accounts Are Becoming Infectious"
Posted by Wiley Long at 07:41 AM | Comments (0)
January 26, 2008
Huntington to Offer Health Savings Accounts
Huntington Bancshares Inc. is working to make healthcare more affordable for businesses with their Health Savings Account (HSA), while also helping consumers reduce individual taxes and boost retirement savings.
"Huntington is excited about Health Savings Accounts because they are something better," said Guy Molde, senior vice president of deposit products for Huntington. "There is no other financial product that provides so many benefits to companies that offer them to their employees and individual consumers."
According to Molde, businesses benefit in three ways:
Continue reading "Huntington to Offer Health Savings Accounts"
Posted by Wiley Long at 10:43 AM | Comments (0)
January 23, 2008
AHIP Survey Shows Health Savings Accounts Making Health Care Coverage Accessible and Affordable
A comprehensive survey of the individual health insurance market recently released by America's Health Insurance Plans (AHIP) found that health care coverage is more accessible and affordable than is widely known. The survey found that premiums are affordable, most who applied were offered coverage, and that consumers have access to a wide variety of benefit options to meet their individual needs. In addition, Health Savings Accounts (HSAs) continue to be a popular coverage option among consumers.
Posted by Wiley Long at 11:37 AM | Comments (0)
January 21, 2008
Study Shows Health Savings Account Plans Yield Savvy Health Care Consumers
Participants enrolled in Health Savings Accounts (HSAs) are more likely to plan and save for health care coverage, according to a survey by Blue Cross and Blue Shield Association (BCBSA).
The survey was conducted by Jennifer Vachon, BCBSA's executive director of marketing and consulting services, and its findings were presented at the National Consumer-Driven Healthcare Summit in Washington, DC.
The survey brought good news, said Devon Herrick, a senior fellow at the National Center for Policy Analysis in Dallas.
Continue reading "Study Shows Health Savings Account Plans Yield Savvy Health Care Consumers"
Posted by Wiley Long at 10:37 AM | Comments (1)
January 17, 2008
Health Savings Account Money Year to Year
A Health Savings Account (HSA) is an amazing tool to reduce your healthcare expenses and insurance costs. But do you lose your money at the end of each year, like with a Flexible Savings Account (FSA)?
Thank goodness, no! You do not lose your HSA money at the end of each year.
Health Savings Accounts were created specifically to be BETTER than their predecessors, Flexible Savings Accounts (FSA) and Medical Savings Accounts (MSA).
Continue reading "Health Savings Account Money Year to Year"
Posted by Wiley Long at 10:10 AM | Comments (0)
January 13, 2008
Champlain to Manage First Horizon Msaver Health Savings Accounts
Greg Champlain has been named regional sales manager for Ohio for First Horizon Msaver, a leading administrator of Health Savings Accounts. Champlain will support insurance agents and brokers in opening Health Savings Accounts for their group and individual clients who have consumer-driven health plans. Champlain, a licensed health agent, has been a member of the Msaver internal broker support team. He will be based in Columbus, Ohio, starting Jan 7th.
Continue reading "Champlain to Manage First Horizon Msaver Health Savings Accounts"
Posted by Wiley Long at 12:01 PM | Comments (2)
January 09, 2008
Getting Health Savings Accounts for Poor Individuals is Being Tested
The popularity of Health Savings Accounts for the poor individuals will be put to the test in Indiana under a program recently approved by the Bush administration. Under the plan, anyone making $20,000 or less a year could get health coverage for about $19 a week.
President Bush has long pushed Health Savings Accounts as a way to slow the rising cost of medical care and extend basic coverage to the uninsured.
Here are the details of the Health Savings Account program:
Continue reading "Getting Health Savings Accounts for Poor Individuals is Being Tested"
Posted by Wiley Long at 07:22 AM | Comments (0)
January 05, 2008
Health Savings Accounts Make Insurance Portable
One of the great things about Health Savings Accounts is that they are portable -- if you switch jobs, you don't have to switch your Health Savings Account.
However, the same can't be said for health insurance -- traditional or HSA-eligible insurance. About 65 percent of Americans have employer-provided coverage, and when they switch jobs (almost every five years, on average) they have to leave one health plan and switch to another.
Continue reading "Health Savings Accounts Make Insurance Portable"
Posted by Wiley Long at 10:54 AM | Comments (0)
January 01, 2008
Submitting Your Medical Bills with Your Health Savings Account
Health Savings Accounts are becoming a well-known alternative to reduce health insurance premuims and still provide good security for healthcare emergencies.
Today we'll talk about submitting your medical bills while you are still under your insurance deductible, and what to consider before doing so.
Submitting your medical bill documentation to your insurance company while you are paying with your HSA money is the best way to go.
We say this for two reasons:
Continue reading "Submitting Your Medical Bills with Your Health Savings Account"
Posted by Wiley Long at 12:30 PM | Comments (0)
December 26, 2007
Health Savings Accounts Helping Employer Sponsored Health Care
The primary reason for the decline in the number of small businesses providing health insurance appears to be that owners of new firms are reluctant to introduce health benefits, according to a National Federation of Independent Business Small-Business Poll.
The poll on purchasing health insurance found that 52 percent of small-business owners do not offer either employee health insurance or an insurance purchase subsidy. However, Health Savings Accounts are helping to reverse this trend.
Continue reading "Health Savings Accounts Helping Employer Sponsored Health Care"
Posted by Wiley Long at 11:02 AM | Comments (1)
December 23, 2007
Consult A Doctor Service to Help Health Savings Account Owners
Healthcare Access Solutions, LLC announced the launch of Consult A Doctor (www.consultadr.com), a complementary healthcare membership service guaranteed to reduce healthcare costs by providing greater access to licensed physicians by telephone or secure email.
Consult A Doctor is focused on becoming the leading provider of consumer-driven telemedicine services that improve health and reduce health care costs 10-25% or more for employer-sponsored plans, individuals, and families. This service is also ideal for Health Savings Account owners.
Continue reading "Consult A Doctor Service to Help Health Savings Account Owners"
Posted by Wiley Long at 11:29 AM | Comments (1)
