November 06, 2009
How Health Savings Accounts Can Turn Bad
For millions of Americans worried that health care costs could wreck them financially later in life, Health Savings Accounts are a savior.
More than 8 million people have over $10 billion in Health Savings Accounts as of November 2009. That figure is estimated to rise to over $70 billion within five years. Over a seventh of that money will be in balances large enough that the HSA administrator can offer mutual funds as an investment option. A typical Health Savings Account has $2,000 as the minimum for a mutual fund feature.
So some question: How can you lose? The Answer...
Continue reading "How Health Savings Accounts Can Turn Bad"
Posted by Wiley Long at 07:35 AM | Comments (0)
November 03, 2009
How Healthcare Bills Will Impact Health Savings Accounts
Congress will soon vote on health care reform legislation that could harm the more than 8 million Americans who have a Health Savings Account (HSA) and restrict those who want to purchase HSA coverage in the future.
Starting this week, the House of Representatives will begin debate on the Affordable Health Care for America Act, and the Senate is expected to finish work on its version of health care reform shortly.
Both the House and Senate bills make major changes that would impact people with Health Savings Accounts:
Continue reading "How Healthcare Bills Will Impact Health Savings Accounts"
Posted by Wiley Long at 06:08 PM | Comments (0)
November 01, 2009
Health Savings Accounts and Obamacare
Health Savings Accounts could very well be the answer to our current healthcare mess. They are tax-exempt accounts which allow employees and employers to contribute thousands of dollars annually toward paying for health expenses. In conjunction with high-deductible health insurance, most people much less in premiums than a regular insurance option. Often, an employer will save enough to pay the deductible amount into the Health Savings Account, and still be able to cover the high-deductible health insurance plan's premium.
In other words, if all Americans got Health Savings Accounts overnight, we would immediately begin saving about one-third of our health care spending, and would instead put that money away for when we need it most. The results...
Continue reading "Health Savings Accounts and Obamacare"
Posted by Wiley Long at 11:12 AM | Comments (0)
October 28, 2009
Health Savings Accounts Are Benefiting Employees and Employers
Multiple surveys conducted by ACS Solutions have shown that employees and employers who are using a Health Savings Account and a HSA-qualified health insurance plan are saying they are satisfied with their coverage, spend less on healthcare and are more engaged in managing health benefits.
Tax-favored Health Savings Accounts are designed to help individuals pay for current qualified health care expenses and save for future medical and retiree health care expenses.
Continue reading "Health Savings Accounts Are Benefiting Employees and Employers"
Posted by Wiley Long at 10:28 AM | Comments (0)
October 25, 2009
Health Savings Accounts Continue Expansion
As the healthcare debate in country continues on, there are many banks that are finding their Health Savings Accounts are exploding.
Health Savings Accounts, which are designed to allow saving for medical and retiree health expenses, are savings accounts set up through banks. Proponents say they allow more flexibility in how workers use their health care funds, while critics say the accounts favor healthier and younger people.
At Dubuque Bank & Trust, senior vice president Doug Stillings says Health Savings Accounts are particularly attractive to small businesses.
Continue reading "Health Savings Accounts Continue Expansion"
Posted by Wiley Long at 10:40 AM | Comments (0)
October 22, 2009
Health Savings Accounts Are Better Than Flexible Spending Accounts
Not long ago, Flexible Spending Account were all the rage. They allowed you to set aside pre-tax dollars from your payroll check and place it into an account which you could use to pay for medical expenses. Unfortunately, these accounts have many drawbacks and they are no longer as appealing as they once were.
Today, Health Savings Accounts have replaced Flexible Spending Accounts as the preferred pre-tax dollar savings vehicle for healthcare spending. There are many more advantages to Health Savings Accounts which are more appealing to individuals and families.
Continue reading "Health Savings Accounts Are Better Than Flexible Spending Accounts"
Posted by Wiley Long at 09:13 AM | Comments (0)
October 19, 2009
Health Savings Accounts Continue to Grow in 2009
According to a Canopy Financial's Health Savings Account Market Report for the first quarter of 2009, the average Health Savings Account balance continues to grow from quarter to quarter.
Canopy found that the average individual Health Savings Account holder for the first quarter of 2009 was 42 years old and contributed $116 monthly, up slightly from an average monthly contribution of $111 for the fourth quarter of 2008. The average family Health Savings Account holder for the first quarter of this year was 45 years old and contributed an average of $239 monthly, up from an average monthly contribution of $206 for the previous quarter.
Continue reading "Health Savings Accounts Continue to Grow in 2009"
Posted by Wiley Long at 09:06 AM | Comments (0)
October 16, 2009
Health Savings Account Administrator Gold Investment Option
One Health Savings Account administrator we know of, Entrust, is offering clients a chance to turn their Health Savings Account investments into gold. Their company has announced the launch of their new Golden Health Savings Account (HSA), which will allows individuals to invest their Health Savings Account funds in gold.
Most HSA plans offered by banks are limited to investments in bank-issued assets like CDs, with minimal returns. Investors have therefore expressed an interest in gold and precious metal investing and Entrust New Direction has responded with its new Golden Health Savings Account. Specially designed for ease of access, the New Direction Golden HSA opens the door to gold and other precious metals investments.
Continue reading "Health Savings Account Administrator Gold Investment Option"
Posted by Wiley Long at 07:27 PM | Comments (0)
October 13, 2009
Health Savings Accounts Are Helping To Lower Healthcare Costs
Two business executives have suggested what we have been saying all along, that Health Savings Accounts along with High Deductible Health Plans would help reduce the effects of rising health care costs.
Tom Kennedy from J.F. Brennan Co. marine construction and Tom Brock from Altra Federal Credit Union said their firms have seen positive results with Health Savings Accounts. The two spoke at a forum sponsored by the Coulee Area Regional Employers, or CARE, Health Action Cooperative.
Continue reading "Health Savings Accounts Are Helping To Lower Healthcare Costs"
Posted by Wiley Long at 10:35 AM | Comments (0)
October 10, 2009
Health Savings Accounts Create Opportunities For Banks
Following healthcare reform closely, insurers and banks are fighting to keep tax-advantaged Health Savings Accounts as part of any reform.
Money in Health Savings Accounts can be used to pay for current health-care expenses, such as deductibles and co-pays, as well as to save on a tax-free basis for future medical expenses, such as Medicare premiums. To qualify for a Health Savings Account, investors need to be enrolled in an high deductible health insurance plan that meets certain criteria. This year those include a deductible of at least $2,300 for a family and $1,150 for individuals.
Continue reading "Health Savings Accounts Create Opportunities For Banks"
Posted by Wiley Long at 11:16 AM | Comments (0)
October 07, 2009
Health Savings Account Balances Increasing
According to data collected by Canopy Financial Inc, a provider of health care banking technology solutions, balances in Health Savings Accounts increased slightly in the first quarter compared to fourth quarter levels in 2008.
The average balance in a family Health Savings Account grew by 7% to $1,720 during the first quarter, while the average balance in an individual Health Savings Account rose 3% to $960.
And compared to the year earlier period, Health Savings Account balances also grew. The average family Health Savings Account balance was $1,419, and the average individual Health Savings Account balance was $697 during first quarter of 2008.
Continue reading "Health Savings Account Balances Increasing"
Posted by Wiley Long at 09:17 AM | Comments (0)
October 05, 2009
Can a Health Savings Account Help Your Business?
One option that can help small businesses struggling with healthcare is a Health Savings Account. Small businesses are constantly looking for ways maintain overhead while still providing quality employee benefits. Money placed in Health Savings Accounts are not subject to federal income tax when deposited. Health Savings Accounts are designed to allow taxpayers to set aside funds to cover the costs associated with medical care. Individuals can benefit from using a Health Savings Accounts as a way to cover their out-of-pocket medical expenses.
Benefits of Health Savings Accounts
Continue reading "Can a Health Savings Account Help Your Business?"
Posted by Wiley Long at 03:58 PM | Comments (0)
October 01, 2009
Healthcare Reform Needs Health Savings Accounts
Health care reform is currently the #1 topic in America today. Many solutions have been offered to solve our healthcare problems. The President thinks a single-payer system would be best, but details have been sketchy and the outcome is in doubt.
A single-payer system would be risky because the government would hold all the money and remain vulnerable to political manipulation and bureaucratic inefficiency. We've seen this in Medicare and Medicaid.
The best system would be a well regulated "Everybody Hold Your Own Money and Pay Your Own Way System," which could be accomplished with Health Savings Accounts.
Continue reading "Healthcare Reform Needs Health Savings Accounts"
Posted by Wiley Long at 03:56 PM | Comments (0)
September 29, 2009
Health Savings Accounts Can Help Reform
Health Savings Accounts have been a huge success since their inception in 2004. Health Savings Accounts have attracted millions of Americans in the past five years since Congress (Republicans and Democrats) made them available. An estimated 46 million people are without health insurance, but 18 million earn at least $50,000 a year and choose not to participate because of what they consider excessive premiums. For an enhanced system to work, everyone must pay something. So how do you "force" individuals to be part of an insurance group that covers procedures they don't need or want based on their age or gender?
Continue reading "Health Savings Accounts Can Help Reform"
Posted by Wiley Long at 11:39 AM | Comments (0)
September 25, 2009
Health Savings Account Administrator HSA Bank Releases New Website
One of our top recommended Health Savings Account Administrators, HSA Bank has release a new and improved enhanced version of their website. The website combines a simple and clean design with more intuitive navigation choices and focused content.
"The new website really takes the resources, information, and tools that were available on our old site and makes them more accessible," said marketing director Becky Seefeldt. "We reviewed everything on our website and organized it into four primary categories."
Continue reading "Health Savings Account Administrator HSA Bank Releases New Website"
Posted by Wiley Long at 09:15 AM | Comments (0)
September 23, 2009
Health Savings Accounts - Why Not Make Them Larger!
Creating "Large" Health Savings Accounts would be a step in the right direction to reduce government control over the U.S. health care sector.
Currently, the government exempts employer-sponsored insurance (ESI) from payroll taxes and income, which seems like a tax cut. But it operates more like a tax increase because it strips workers of control over their earnings. It also drives up health insurance premiums.
Large Health Savings Accounts would replace the tax exclusion for ESI with an exclusion for money contributed to a Large Health Savings Account, which the worker would own.
Continue reading "Health Savings Accounts - Why Not Make Them Larger!"
Posted by Wiley Long at 11:07 AM | Comments (0)
September 21, 2009
Health Savings Accounts - You Can Benefit By Owning One
In today's economy, everyone can use a financial advantage. One way to get a financial advantage for your health insurance is to raise your deductible so you can lower your monthly health insurance premiums. If you raise your deductible to at least $1,150 for single coverage or $2,300 for family coverage, you can take advantage of a Health Savings Account. With a Health Savings Account, you can make a tax-deductible contribution of up to $3,000 (or $5,950 for family coverage) in 2009, which you can use tax-free for medical expenses in any year.
Continue reading "Health Savings Accounts - You Can Benefit By Owning One"
Posted by Wiley Long at 10:47 AM | Comments (0)
September 18, 2009
Health Savings Accounts Growing Survey Shows
Health Savings Accounts continue to be adopted widely, with an ever-growing number of accounts and assets, according to a recent survey by Celent.
Participants in the latest Health Savings Account benchmarking survey from Celent, conducted between January 2008 and January 2009, reported a 46.1 percent increase in the number of Health Savings Accounts. During the same period, survey participants saw their asset base grow by 62.6 percent.
Continue reading "Health Savings Accounts Growing Survey Shows"
Posted by Wiley Long at 11:31 AM | Comments (0)
September 15, 2009
How to Maximize Health Savings Account Tax Benefits
It is often said that growing wealth begins by making simple investments into a savings account over a prolonged period of time. But what would happen to the growth potential of that savings account if the money in the account could be invested in a high-interest yielding vehicle, such as stocks? Moreover, just how much money could one save each year if the money they invested into their savings accounts was actually tax-deductible?
The answer: consumers can save thousands of dollars each year simply by putting money into a specific type of savings account: a Health Savings Account.
Continue reading "How to Maximize Health Savings Account Tax Benefits"
Posted by Wiley Long at 10:16 AM | Comments (0)
September 13, 2009
Health Savings Account Are A Great Investment
Investing for the future is something the majority of us are taking into consideration, especially with the current financial crisis. We want to save and invest for our future. Perhaps one of the best investments today is a Health Savings Account.
One of the main reasons Health Savings Accounts are considered to be a good investment is that you will have full control of where to invest your money. You can decide to invest your money in stocks, mutual funds, bonds, or any investment channel, with the bank of your choice acting as your Health Savings Account administrator.
Continue reading "Health Savings Account Are A Great Investment"
Posted by Wiley Long at 10:44 AM | Comments (0)
September 10, 2009
The Health Savings Account Solution To Our Health Care Crisis
The current level of spending and growth in health care cost will soon bankrupt our nation. Reform is needed, but any reform must guarantee that patients have access to the treatment they need, when they need it, with the doctor they choose, at a price that is transparent, affordable, and covered.
That is exactly what the Patient-Controlled Healthcare Protection bill does. For people currently on Medicare, Medicaid, SCHIP or any combination, they will for the first time ever gain complete control and complete coverage through high deductible insurance with a personalized Health Savings Account (HSA) to cover the entire deductible.
Continue reading "The Health Savings Account Solution To Our Health Care Crisis"
Posted by Wiley Long at 10:46 AM | Comments (0)
September 07, 2009
Health Savings Account Benefits
"Health is Wealth" is not a very common phrase. But the unpredictability in our lives has made it imperative to have a Health Savings Account. A Health Savings Account will help ease the financial pressure in our later years in life and in an emergency situation.
Below are benefits of a Health Savings Account and how they can help you now and in the future:
Continue reading "Health Savings Account Benefits"
Posted by Wiley Long at 10:54 PM | Comments (0)
September 04, 2009
Health Savings Account Owners Span All Life Stages and Income Groups
United Healthcare says that a majority of their customers with a Health Savings Account are depositing money into their Health Savings Account and accumulating balances, regardless of their age or income level.
United Healthcare analyzed more than 200,000 of its 1.4 million members enrolled in a Health Savings Account eligible health plan during the full year 2006 (the latest period for which full year data was available) and found that 68 percent of Health Savings Account holders contributed their own money to their Health Savings Accounts, and 88 percent had an account balance at the end of the year, carrying over $900 on average for future use.
Continue reading "Health Savings Account Owners Span All Life Stages and Income Groups"
Posted by Wiley Long at 10:51 PM | Comments (0)
September 01, 2009
How a Health Savings Account Will Save You Money
Healthcare costs rise every year for all Americans - employer, employee, self-employed, and their families. The US government is working on this, but their track record on reform is not so good (or fast). Meanwhile, Americans pay more and more for basic health care, at a time when many mortgages are going up and many people are unemployed or underemployed.
One solution that has worked for more and more families each year is the Health Savings Account. 10 reasons to consider a Health Savings Account:
Continue reading "How a Health Savings Account Will Save You Money"
Posted by Wiley Long at 05:23 PM | Comments (0)
August 27, 2009
Study Shows Health Savings Accounts Growing at Rapid Pace
A new report entitled "HSA Benchmarking Analysis: Market Trends and Economics 2009" which was released by Celent, a Boston-based financial research and consulting firm, shows the number of Health Savings Accounts and assets held in HSA plans continues to grow despite the downturn in the economy.
From January 2008 to January 2009, there was an increase of 46.1% in the number of Health Savings Accounts. During that same period, HSA administrators reported that assets grew by 62.6%. The report also shows during that same time period not a single HSA administrator experienced a decrease in balances.
Continue reading "Study Shows Health Savings Accounts Growing at Rapid Pace"
Posted by Wiley Long at 12:53 PM | Comments (0)
August 24, 2009
Using a Health Savings Account While on Medicare
I received this question recently: My wife and I turn 65 this year and will sign up for Medicare. Will we still be able to use the money in our Health Savings Account?
The Answer: You sure can!
Even though you can't contribute to a Health Savings Account after you sign up for Medicare, you can keep the Health Savings Account and use the money tax-free for medical expenses. In fact, you can use the money in your Health Savings Account for anything after age 65, although you will owe taxes on withdrawals for non-medical expenses.
Continue reading "Using a Health Savings Account While on Medicare"
Posted by Wiley Long at 09:15 PM | Comments (0)
August 21, 2009
Health Savings Accounts Provide Tax-Free Health Care Savings Now
Many Americans are feeling the pinch these days from ever-increasing health care costs, and a comprehensive solution to this problem still needs to be found. That being said, a Health Savings Account can ease the burden of high deductibles in the here-and-now. Anyone under the age of 65 who purchases an eligible high-deductible health insurance plan - either through an employer or on their own - can set up a Health Savings Account, which supplements high-deductible health insurance policy coverage through the use of tax-free, user-contributed savings.
Continue reading "Health Savings Accounts Provide Tax-Free Health Care Savings Now"
Posted by Wiley Long at 01:20 AM | Comments (0)
August 18, 2009
Health Savings Account Modifications Likely To Be Minor Under Healthcare Reform
As reported on INSIDE CONSUMER-DIRECTED CARE, a newsletter with timely news and insightful analysis of benefit design, contracts, market strategies and financial results, modifications to Health Savings Accounts are likely to minor at best under any new healthcare reform bill.
Despite cries of alarm being circulated by various Health Savings Account interest groups, health reform observers interviewed by ICDC say that any modifications to Health Savings Accounts targeted by legislators would likely be minor. And some provisions under consideration could actually drive the more widespread adoption of HSA-qualified plans.
Continue reading "Health Savings Account Modifications Likely To Be Minor Under Healthcare Reform"
Posted by Wiley Long at 11:47 AM | Comments (0)
August 15, 2009
Health Savings Accounts Are A Great Option For The Uninsured
Consumers have begun a quiet revolution, as Congress continues to propose and debate trillion dollar options for health insurance. Data being reported from several sources shows Health Savings Accounts are beginning to make a dent in the uninsured market.
The increase in Health Savings Accounts is growing in both the individual market as well as the group market. The option is especially appealing to small business owners who can contribute something to their employee's Health Savings Accounts, save on premium, and still be paying less than they paid for their traditional PPO group coverage.
Continue reading "Health Savings Accounts Are A Great Option For The Uninsured"
Posted by Wiley Long at 11:05 AM | Comments (0)
August 12, 2009
Health Savings Accounts at Work
Below is a personal story of Health Savings Accounts at work. It illustrates the tax benefits, choice benefits, and a cost benefits associated with Health Savings Accounts. With healthcare reform taking center stage these days, I wanted to share with you another option that should be consider in the healthcare debate: Health Savings Accounts.
Sound Mind Investing went to Health Savings Accounts for our employees in 2006. So with three years under our belts, we can vouch for how they affect spending decisions. Here's how they recently affected mine.
Continue reading "Health Savings Accounts at Work"
Posted by Wiley Long at 09:53 AM | Comments (0)
August 09, 2009
JP Morgan Releases Health Savings Account Report
In a report titled "Best Practices for Implementing a Health Savings Account Program" JP Morgan offers a step-by-step guide for employers who want to offer a Health Savings Account program to their employees.
Many companies are finding that the addition of a Health Savings Account option to their healthcare benefits menu presents a practical solution to the health insurance challenges they face. The adoption of Health Savings Accounts has seen significant growth since they were created. By year-end 2008, there were an estimated three million Health Savings Accounts with deposits of over $3 billion - and the number of HSA accounts is expected to quadruple by 2012.
Continue reading "JP Morgan Releases Health Savings Account Report"
Posted by Wiley Long at 02:02 PM | Comments (0)
August 06, 2009
Aetna Study Shows Health Savings Accounts Save Money
A study by Aetna Health Insurance shows that members who use Health Savings Accounts instead of traditional PPO plans, get high quality health care while at the same time save significant amount of money.
Aetna conducted the survey over a 5 year period. The results shows that employees who use a Health Savings Accounts made better use of their health insurance plans then those employees who were enrolled in traditional managed care plans.
Continue reading "Aetna Study Shows Health Savings Accounts Save Money"
Posted by Wiley Long at 10:47 AM | Comments (0)
August 03, 2009
Health Savings Accounts From Canopy Financial Goes Mobile
Canopy Financial has released their Health Savings Account application for the Apple iPhone and iPod touch.
Canopy's mobile Health Savings Account application lets consumers search medical procedures using keywords to determine if they are eligible to be paid using tax-advantaged Health Savings Accounts. Canopy's Mobile Health Savings Account application then maps local providers and provides the cost of the procedure based on the consumer's ZIP code.
Continue reading "Health Savings Accounts From Canopy Financial Goes Mobile"
Posted by Wiley Long at 09:39 AM | Comments (0)
July 27, 2009
United Healthcare Offers Health Savings Accounts
United healthcare health insurance is one of the better insurance companies in the country insuring millions of Americans across the country. One of the best plans they offer is their Health Savings Account plans. These HSA plans range in costs from plans that have very low monthly premiums to plans that have every type of coverage you could possibly want.
Continue reading "United Healthcare Offers Health Savings Accounts"
Posted by Wiley Long at 10:03 AM | Comments (0)
July 22, 2009
HSA Administrator Using Health Savings Accounts
When a bank not only administers Health Savings Accounts, but also offers their employees an HSA plan, people tend to take notice. Blackhawk Bank in Beloit, Wis. is not only a custodian of almost $7 million in HSA assets, but also offers its clients help on every step in the Health Savings Account design and implementation process.
Blackhawk Bank can also speak from experience as an end user. The bank introduced their own HSA plan in January 2005. The bank and its employees are saving money, and an employee wellness component of the HSA plan is driving important improvements in employee health and healthy behaviors.
Continue reading "HSA Administrator Using Health Savings Accounts"
Posted by Wiley Long at 03:17 PM | Comments (0)
July 19, 2009
Health Savings Accounts Are A Better Solution
The architects of health care reform would be smart to take a closer look at Health Savings Accounts. One place to start would be HSA Bank which facilitates HSA accounts.
HSA Bank has grown to $600 million in assets in just a decade. It was the first bank in the country to recognize the potential in doing the banking for Health Savings Accounts.
It now services more than 225,000 Health Savings Accounts and employs over 160. Its rapid growth attests to the power of the consumer movement at the grass-roots of health care in this country.
Continue reading "Health Savings Accounts Are A Better Solution"
Posted by Wiley Long at 03:13 PM | Comments (0)
July 16, 2009
Health Savings Accounts Are On The Rise
The future of health insurance in this country lies more in personal spending accounts rather than traditional co-payment plans, or government run health care.
Though still making up a small percentage of all medical insurance plans in this country, Health Savings Accounts and Health Reimbursement Accounts are gaining in popularity. As individuals and families learn how to use these accounts, they are finding they can save a lot of money on health care while still getting the coverage they want and need.
Continue reading "Health Savings Accounts Are On The Rise"
Posted by Wiley Long at 03:15 PM | Comments (0)
July 13, 2009
Healthcare Reform Needs to Include Health Savings Accounts
For all those Americans looking to give less money to health insurers and put more money in their pockets, a Health Savings Account (HSA) is the plan for you. You pay a lower premium, and put the extra cash that would have been going to an insurer in a tax-free savings account that you own. You get to spend the money tax-free to meet your health insurance deductible. Health Savings Accounts grew by 31 percent in 2008 and currently over 8 million Americans now have an HSA.
In a recent poll, over three quarters of HSA owners said they would recommend getting a Health Savings Accounts to their friends and families.
Continue reading "Healthcare Reform Needs to Include Health Savings Accounts"
Posted by Wiley Long at 10:55 AM | Comments (0)
July 10, 2009
Health Savings Account Create Tax Advantage
Health Savings Accounts are simply tax favored savings accounts which may be opened when an individual enrolls in a high deductible health plan.
The combination of an HSA qualified health insurance plan and a Health Savings Accounts gives everyone more affordable health insurance coverage and a savings account that offers significant tax advantages.
Any money deposited in a Health Savings Account will result in a tax deduction. Quite simply, any money deposited will reduce your federal income taxes. Just like an IRA, this deduction is an "above the line" deduction which means you get a 100% write-off against your adjusted gross income.
Continue reading "Health Savings Account Create Tax Advantage"
Posted by Wiley Long at 01:33 AM | Comments (0)
July 07, 2009
Health Savings Account Contribution Limits Set to Rise
The Internal Revenue Service has said the maximum Health Savings Account contribution is set to set to increase in 2010. Also set to increase is the minimum deductible imposed by health insurance plans linked to Health Savings Accounts and the maximum out-of-pocket expenses that employees can be required to pay.
The maximum contribution that can be made to an HSA in 2010 for employees with single coverage will be $3,050, up from $3,000 in 2009. The maximum HSA contribution for those with family coverage will rise to $6,150, up from $5,950.
Continue reading "Health Savings Account Contribution Limits Set to Rise"
Posted by Wiley Long at 08:58 AM | Comments (0)
July 01, 2009
Health Savings Accounts are a Better Reform Option
If we are to review of the history of health care in this country since the U.S. government's entry when Lydon Johnson signed into law Medicare and Medicaid, we find disturbing trends. The unconstrained, growth in size and shameful increases in cost and liability have crippled the system putting both in danger of collapse. And yet, we the people have allowed our improvident government to further politicize private health care, further exacerbating cost to every component within the system.
Many questions remain about how to solve our health insurance crisis in this country, but Health Savings Accounts have already proved to have a positive effect on health care.
Continue reading "Health Savings Accounts are a Better Reform Option"
Posted by Wiley Long at 11:24 AM | Comments (0)
June 28, 2009
Attack on Health Savings Accounts
Some lawmakers want national health-care reform to include new constraints on health savings accounts, a move that banks and insurance companies warn could discourage saving at a time when it is needed more than ever.
Proposals in the Senate would set tighter limits on contributions to Health Savings Accounts, and would require more oversight of how money in them is spent. Annual contribution limits for 2009 are $3,000 for individuals and $5,950 for families. One proposal would reduce these limits to the deductible amount of the Health Savings Account owner's health insurance plan, if that deductible is less than the set limits.
Continue reading "Attack on Health Savings Accounts"
Posted by Wiley Long at 10:43 PM | Comments (0)
June 25, 2009
Health Savings Accounts a Viable Option
House Democrats finally unveiled their long-awaited 852-page health care "reform" legislation that engineers a government takeover of medicine. The bill is a staggeringly expensive bureaucratic nightmare that Democrats will try to defend in a series of hearings that have already begun.
As details of this leviathan bill begin to emerge, what is becoming increasingly clear is this plan, if passed, will cost American jobs.
Continue reading "Health Savings Accounts a Viable Option"
Posted by Wiley Long at 10:00 AM | Comments (0)
June 22, 2009
Health Savings Accounts Help Prepare for Retirement Costs
As the cost of health care rises across the country, many individuals are wondering just how their anticipated health care expenses will impact their ability to retire. According to a recent study, individuals retiring at the age of 65 will need to have at least $240,000 saved in order to pay for their health care expenses during retirement alone, leaving many individuals to wonder whether or not retirement is truly an option. Health Savings Accounts are become a necessity for retirement in order to pay health care expenses during retirement years. The tax benefits of Health Savings Accounts really help make saving for retirement easier.
Continue reading "Health Savings Accounts Help Prepare for Retirement Costs"
Posted by Wiley Long at 10:34 AM | Comments (0)
June 19, 2009
Over 8 Million Now Enrolled In Health Savings Accounts
A new census release by America's Health Insurance Plans (AHIP) has found that over 8 million Americans are covered by Health Savings Account eligible insurance plans which is 31 percent increase since last year. Since 2004, when Health Savings Accounts were created, AHIP has conducted a periodic census of its members participating in the Health Savings Account market.
Another report by AHIP found HSA account holders have a broad range of incomes across the country. The report, Estimated Income Characteristics of HSA Account holders in 2008, used a geo-coding technique to estimate the income characteristics of HSA account holders.
Continue reading "Over 8 Million Now Enrolled In Health Savings Accounts"
Posted by Wiley Long at 01:43 PM | Comments (0)
June 16, 2009
Americans Want to Keep Health Savings Accounts as a Savings Option
OptumHealth Inc. has release a survey that shows Health Savings Account owners are extremely satisfied with their Health Savings Accounts and they believe their Health Savings Accounts should remain a savings option for Americans. More than 80 percent of respondents cite their ability to save for future health care expenses as the primary reason for opening and depositing money into their Health Savings Accounts. The survey also found that 70 percent of Health Savings Account participants make $75,000 a year or less in income.
"Health Savings Accounts have very strong support across a broad range of income levels and are helping people be better health care consumers," cited Chad Wilkins, CEO of OptumHealth.
Continue reading "Americans Want to Keep Health Savings Accounts as a Savings Option"
Posted by Wiley Long at 11:01 AM | Comments (0)
June 13, 2009
Health Savings Accounts at SunTrust
SunTrust Banks recently introduced a turn-key Consumer-Directed Healthcare solution for employers seeking to take control of their healthcare costs. The SunTrust Health Savings Account combines administrative and financial components, including integrated account management, a healthcare payment card, HSA investment options, and integrated account management, all offered through a single trusted custodial partner.
"SunTrust is committed to providing solutions that assist our clients in establishing a sound financial foundation," said Gary Plourde, Senior Vice President, SunTrust Institutional Investments Director of Sales.
Continue reading "Health Savings Accounts at SunTrust"
Posted by Wiley Long at 12:26 PM | Comments (0)
June 10, 2009
New Health Savings Account Partnership
Maryland-based Hunt Vally, a provider of Health Savings Account management solutions, has partnered with SunTrust to deploy a turn-key solution for the administration of Health Savings Accounts.
The partnership will give SunTrust access to ConnectYourCare's suite of online administrative tools and services including Consumer-Driven Healthcare Express, real-time employer transparency and control tools, participant health education and empowerment tools, healthcare payment card and a banking and investment platform.
Continue reading "New Health Savings Account Partnership"
Posted by Wiley Long at 11:58 AM | Comments (0)
June 07, 2009
Health Savings Accounts Are The Wave Of The Future
The need for reduced health care cost brought about the formation of Health Saving Accounts in 2004. Since then, their use has grown exponentially by American consumers. Most people will agree that health insurance is too expensive especially if you have a family to cover. Deciding which policy makes the most sense can be confusing with all the co-pays, premiums, deductibles, and features. This is where Health Saving Accounts can make it possible to get great coverage with a reduced premium and have a reserve expense account for when a major medical expense does occur.
Why Use A Health Savings Account?
Continue reading "Health Savings Accounts Are The Wave Of The Future"
Posted by Wiley Long at 10:36 AM | Comments (0)
June 04, 2009
What Health Savings Accounts Can Do For You
Health Savings Accounts were introduced in 2004 and allow individuals to pay for medical services upfront through funds they deposit tax-free into their personal Health Savings Account. A required insurance policy then kicks in for catastrophic expenses. Any unused funds build up from year-to-year and collect interest in the process.
Put simply, no other investment account has the tax advantages that Health Savings Accounts do. Throughout the life of a Health Savings Account its owners can withdraw funds for qualified medical expenses tax-free. Because of this, taxpayers should consider fully funding their Health Savings Accounts first, before any other type of retirement accounts.
Continue reading "What Health Savings Accounts Can Do For You"
Posted by Wiley Long at 11:42 AM | Comments (0)
June 01, 2009
Health Savings Accounts Spell Health Insurance Relief
Your employer may have switched to a high-deductible plan in an attempt to keep soaring health insurance costs in check. The cost of care is pass to you until you reach your deductible, but the premiums are much lower. Along with the high-deductible plan, you can open a Health Savings Account that allows you to contribute pre-tax dollars to the Health Savings account where it can be invested and grow until needed to pay for medical care.
Unlike a Flexible Savings Account offered by many employers, the money in an Health Savings Account can be rolled over from year to year and even remain under your control if you lose or switch your job.
Continue reading "Health Savings Accounts Spell Health Insurance Relief"
Posted by Wiley Long at 12:53 PM | Comments (0)
May 29, 2009
Environmentally Friendly Health Savings Accounts
Canopy Financial has a Web-based Health Savings Account processing platform that has been adopted at almost half of the top 25 banks. They are now targeting another paperless evolution for health plans, third-party administrators, and institutions. Canopy has introduced a new Green Health Savings Account that now provides 100-percent paperless account handling, including account management, e-statements, enrollment, mobile alerts and online bill-pay.
Continue reading "Environmentally Friendly Health Savings Accounts"
Posted by Wiley Long at 03:01 PM | Comments (0)
May 26, 2009
Health Savings Accounts Come to Puerto Rico
Health Savings Accounts have now been established in Puerto Rico. Puerto Rico will now allow contributions to the accounts to be exempt from personal income tax, and will apply to the taxable years that commence on and after January 1, 2009. Under Health Savings Accounts, the insured will choose the provider and/or health service that they want to receive payment and will pay for those services with the funds that had accumulated in their Health Savings Account, covering up to the total annual deductible.
Continue reading "Health Savings Accounts Come to Puerto Rico"
Posted by Wiley Long at 09:50 AM | Comments (0)
May 23, 2009
Banks Are Creating More Health Savings Accounts As Industry Grows
With the money coming from the Health Savings Account market expected to increase in the coming years, experts are predicting the Health Savings Account market could reach $40 billion in the next five years. That's not surprising, as it appears consumers are getting used to transferring money into Health Savings Accounts on a regular basis. In fact, as of the first quarter of 2008, consumers transferred an average $2,674 into their Health Savings Accounts, but spent only $1,216 on average, according to Canopy Financial. That certainly leaves plenty of money for banks to invest for their purposes.
Continue reading "Banks Are Creating More Health Savings Accounts As Industry Grows"
Posted by Wiley Long at 11:39 AM | Comments (0)
May 21, 2009
Study Shows Health Savings Account Contributions Increasing and More Employers Offering HSA Plans
In their annual survey of employer health benefits, the Kaiser Family Foundation and the Health Research & Educational Trust found that more employers are offering Health Savings Account plans and that employer contributions to Health Savings Accounts doubled since 2007.
The study showed that 13% of firms offering health benefits now offer a Health Savings Account Plan with an Health Reimbursement Arrangement in 2008. While the report notes that the increase does not represent a significant difference from the 10% reported in 2007, they do point out that there has been a statistically significant increase in the offer rate since the 7% reported in 2006.
Posted by Wiley Long at 11:10 AM | Comments (0)
May 18, 2009
More Than Eight Million Now Enrolled in Health Savings Accounts
A new census released by America's Health Insurance Plans (AHIP) finds that Eight million Americans are now covered by Health Savings Accounts, an increase of more than 31 percent since last year. Health Savings Accounts were authorized starting in January 2004. Since then, AHIP has conducted a periodic census of its members participating in Health Savings Accounts.
Another report released found Health Savings Account (HSA) account holders have a broad range of incomes levels across the country. The report, "Estimated Income Characteristics of HSA Account holders in 2008", used a geo-coding technique to estimate the income characteristics of HSA account holders.
Continue reading "More Than Eight Million Now Enrolled in Health Savings Accounts"
Posted by Wiley Long at 11:04 AM | Comments (0)
May 13, 2009
Health Savings Accounts Are a Great Way to Save Money on Health Care and Health Insurance
You need to look at your health insurance coverage the same way cost-cutting entrepreneurs do, whether you buy your health care coverage independently or through your employer. Buying coverage in the future won't stop at finding the best price. What you pay for your health insurance coverage will increasingly involve how well you personally manage your health.
According to a report last year by benefits consultant Watson Wyatt, nearly half of the 453 largest U.S. employers currently offer a Health Savings Account that can be used to pay a portion of medical expenses not covered under the companies health insurance plan.
Posted by Wiley Long at 10:53 AM | Comments (0)
May 08, 2009
Health Savings Accounts Frequently Asked Questions
One of the best way to save money on your healthcare costs is to use a Health Savings Account to supplement your current health insurance plan. Your Health Savings Account can also have your money working for you by earning interest, along with saving money on your health care costs. And, you can save your Health Savings Account money tax-free.
If you have a high-deductible health insurance plan and have not yet open a Health Savings Account, you need to learn more about the advantages of Health Savings Accounts. Check out these Top 10 Health Savings Account Frequently Asked Questions to get a jump-start on understanding Health Savings Accounts:
Continue reading "Health Savings Accounts Frequently Asked Questions"
Posted by Wiley Long at 10:36 AM | Comments (0)
May 05, 2009
What Becomes of Your Health Savings Account if You Get Laid Off
The good news for people with Health Savings Accounts is they don't need to panic about their healthcare if they get laid off. The money in your Health Savings Account remains yours even after you lose or leave your job, unlike funds in a flexible spending account. So you don't need to rush to the dentist or eye doctor to drain your Health Savings Account before your job is terminated.
You can keep the money in your current Health Savings Account, or you can roll it over to another HSA administrator without having to pay taxes on the move -- a lot like an IRA rollover. The money can then continue to grow in the Health Savings Account and can be used tax-free for future medical expenses in any year... even if you no longer have a high deductible health insurance policy.
Continue reading "What Becomes of Your Health Savings Account if You Get Laid Off"
Posted by Wiley Long at 08:58 AM | Comments (0)
May 01, 2009
Are Health Savings Accounts the Right Tool for You?
Health Savings Accounts might not be for everyone, but for the right individuals and businesses, they are a way to control health insurance costs.
The use of Health Savings Accounts and high-deductible health insurance policies can reduce costs by 20 to 30 percent, Cris Ruiz told about 50 human resource managers and others at a meeting sponsored by UMB Bank.
Ruiz is vice president of UMB Healthcare Services in Kansas City. The UMB division acts as an administrator for Health Savings Accounts.
Continue reading "Are Health Savings Accounts the Right Tool for You?"
Posted by Wiley Long at 11:19 AM | Comments (0)
April 23, 2009
Don't Look Now, Health Savings Accounts Are Gaining Momentum
Many employers are using cash incentives to entice employees toward consumer-driven health plans, such as Health Savings Accounts and Health Reimbursement Arrangements. Employees may pay as much as 50 percent less for premiums than those enrolled in more traditional point-of-service or preferred provider plans.
Health Savings Account plans typically entail a tax-exempt account for paying qualified health expenses, with a high deductible component for coverage in case of a major medical problem. In most cases, both the employer and the employee may contribute to the account, and unused money can be carried over to the next year.
Continue reading "Don't Look Now, Health Savings Accounts Are Gaining Momentum"
Posted by Wiley Long at 10:49 AM | Comments (0)
April 21, 2009
Satisfying Your Family's Health Needs With A Health Savings Account
In today's health insurance market, making sure that your family is able to stay healthy partly depends on having a good health insurance program. A Health Savings Account can do just that. With a Health Savings Account, you will have reduced insurance rates because of a higher deductible, a tax deferred savings program, broader coverage, and you stay in control of your Health Savings Account dollars. Here are some of the details of the benefits you will find with Health Savings Accounts:
Continue reading "Satisfying Your Family's Health Needs With A Health Savings Account"
Posted by Wiley Long at 10:05 AM | Comments (0)
April 17, 2009
Health Savings Accounts Are Thriving During Economic Downturn
According to data from San Francisco-based Canopy Financial Inc. individual Health Savings Account balances have increased 33%, and family Health Savings Account balances have increased about 12% between the first quarter and fourth quarters of 2008.
The study also found that employees contributed more money to their Health Savings Accounts more than their employers did. In the fourth quarter, employees contributed an average monthly payment of $206 to their family Health Savings Account, while employers contributed $133. Individual Health Savings Accounts fared similarly; Employees contributed $111 on average, while employers contributed $69.
Continue reading "Health Savings Accounts Are Thriving During Economic Downturn"
Posted by Wiley Long at 10:03 AM | Comments (0)
April 13, 2009
Laid-Off Workers Turning to Health Savings Accounts
Affordable healthcare plans are becoming increasingly important as millions of Americans lose their jobs. Health Savings Accounts have become popular tools to help employees pay for the cost of their healthcare, even when they have to use COBRA plans.
An estimated 2.6 million Americans lost their jobs in 2008 and thousands more are expected to lose their jobs in 2009. With many Americans accustomed to getting their healthcare coverage through their jobs, millions now turn to alternative coverage options so they can continue to have affordable healthcare. One of the most affordable and practical health care coverage options is a Health Savings Account (HSA).
Continue reading "Laid-Off Workers Turning to Health Savings Accounts"
Posted by Wiley Long at 10:49 AM | Comments (0)
April 09, 2009
Companies Moving From Health Insurance To Health Savings Accounts
One of the largest issues facing the nation right now is the rising costs of health insurance. Many people can not afford to buy health insurance, because the premiums have been driven up to unimaginable heights over the last decade or so. Many companies are trying to help shoulder the burden of the large premiums by paying a certain percentage of the total cost every month for the employee. Many of these companies have tried to work around this problem in many ways. Health Savings Accounts are turning out to be one of the better solutions to this problem.
Continue reading "Companies Moving From Health Insurance To Health Savings Accounts"
Posted by Wiley Long at 11:04 AM | Comments (0)
April 05, 2009
Health Savings Accounts Are The Best Investment Vehicle Today
Investing for the future is something we all need to do. We need to save and invest for our future. One of the best investments today is opening a Health Savings Account.
The biggest reason why Health Savings Accounts are considered to be a good investment, is that you will have full control of where to invest your money. You can decide to invest your money in stocks, mutual funds, bonds, or any investment channel that you think your money will earn more. You get to have the bank of your choice acting as your Health Savings Account administrator.
Continue reading "Health Savings Accounts Are The Best Investment Vehicle Today"
Posted by Wiley Long at 10:23 AM | Comments (0)
April 01, 2009
Get The Best Health Savings Account Insurance Plan at HSA for America
There are certain times where you need to be able to get the best affordable health insurance quickly and easily, and Health Savings Accounts allow you do to just that. When you do the research and check out all the angles, you'll see that Health Savings Accounts are a great way to put aside a bit of money for the health insurance that you need.
And remember that you need someone qualified to help you through all the necessary avenues so that you can get the best HSA plan. At HSA for America, we have professional advisors who will help you get all the information you need up front so that you're ready to make a good decision on the best HSA plan for your needs.
Continue reading "Get The Best Health Savings Account Insurance Plan at HSA for America"
Posted by Wiley Long at 09:24 AM | Comments (0)
March 29, 2009
Why Health Savings Accounts Are Catching On
Tracey Jihad has five kids and a chronic illness, reason enough to worry about rising health care costs. So she was apprehensive when her employer announced that it was starting the transition to a new kind of high-deductible health insurance with Health Savings Accounts.
Four years later, Jihad is sold on the way the new coverage lets her control health-care decisions, and hold down costs for herself, her coworkers and her employer. "Especially with the economy, this shows that we can be proactive about reducing health care costs," said Jihad.
Continue reading "Why Health Savings Accounts Are Catching On"
Posted by Wiley Long at 04:03 PM | Comments (0)
March 26, 2009
Report Finds Participation in Health Savings Account Plans Encouraging
According to a new report by the Manhattan Institute, Health Savings Accounts tied to HSA-qualified health insurance plans with high deductibles have gained participants at a higher rate than individual retirement accounts (IRAs) did in their early years. Moreover, data studied by the report's author suggest that health coverage under plans tied to Health Savings Accounts "has the potential to expand at least as sharply over time as IRAs and defined-contribution retirement plans did."
The report said that HSA-qualified high-deductible health insurance plans are now used by more than 6 million U.S. residents.
Continue reading "Report Finds Participation in Health Savings Account Plans Encouraging"
Posted by Wiley Long at 10:54 AM | Comments (0)
March 23, 2009
Health Savings Accounts at Tax Time
Health Savings Accounts are a great way to pay for your health care when you have a qualifying high deductible health insurance plan. One big benefit is that any money you deposit into your Health Savings Account is deductible on your federal tax return. It is also deductible on all but 4 state tax returns.
If you have an HSA-qualified health insurance plan, but you haven't fully funded your Health Savings Account for 2008, you can still deposit money in it before filing your taxes!
Continue reading "Health Savings Accounts at Tax Time"
Posted by Wiley Long at 10:31 AM | Comments (0)
