February 07, 2010
Alabama Legislator Hopes to Offer Pre-tax Health Savings Accounts
An Alabama legislature hopes to create tax-free Health Savings Account options for Alabama residents. According to Federal laws, families and individuals can have Health Savings Accounts that help them reduce their annual health care costs and tax burdens. However, the state of Alabama does not offer its residents tax-free Health Savings Accounts.
Rep. Greg Canfield (R-Vestavia Hills) introduced a new bill to the Alabama House of Representatives on January 12 that would allow individuals and families in Alabama to deposit their pre-tax earnings into a Health Savings Accounts to help cover qualifying medical expenses.
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Posted by Wiley Long at 05:06 PM | Comments (0)
February 04, 2010
An Overview of the Aetna Health Savings Account Plan
If you’ve never heard of a Health Savings Account, then it’s time to take a look at this increasingly popular health insurance plan option that has become available for Americans and their families. Aetna is one of the many health insurance companies that offers the Health Savings Account option. The Aetna Health Savings Account is similar to its HealthNow PPO and Aetna PPO Plans.
However, while the Health Savings Account option helps many Americans save a significant amount of money each year off of the cost of their healthcare expenses, there are some important things that everyone will want to know about before enrolling in a Health Savings Account plan.
Continue reading "An Overview of the Aetna Health Savings Account Plan"
Posted by Wiley Long at 06:05 PM | Comments (0)
February 01, 2010
How a Health Savings Account Can Help to Protect Your Finances
If you have health insurance, you might be surprised to learn that a starling 16.6% of American adults are still uninsured, despite the high degree of attention that has been given to health insurance issues in the U.S. lately. Many American adults without health insurance are put into a tricky situation when they have a catastrophic injury or illness and are then stuck with an expensive emergency room or ICU bill. According to many, living without health insurance is a high stakes gamble that too many Americans make every day.
Continue reading "How a Health Savings Account Can Help to Protect Your Finances"
Posted by Wiley Long at 01:40 PM | Comments (0)
January 27, 2010
Why Enroll in a Health Savings Account?
To Protect Your Health and Wealth!
Many Americans are struggling to keep up with the high cost of healthcare. Not only are health insurance premiums skyrocketing, but many employers are reducing their employee benefit (or even cutting healthcare coverage altogether) in an effort to reduce their costs. Moreover, many healthcare services are not even covered at all by health insurance plans, even when health insurance plan members pay for their insurance.
So how can Americans protect themselves, their wallets, and their healthcare?
Continue reading "Why Enroll in a Health Savings Account?"
Posted by Wiley Long at 01:37 PM | Comments (0)
January 21, 2010
Are Health Savings Accounts Better than Flexible Spending Accounts?
Are you trying to get a handle on the many different employer-sponsored healthcare options that are currently available? If so, you’re not alone. In fact, we get many questions about the difference between two very popular healthcare plan options: flexible spending accounts and Health Savings Accounts. These two plans are similar, but Health Savings Accounts tend to give employees more control and financial benefits than the flexible spending account option. Here’s what you need to know about Health Savings Accounts:
Continue reading "Are Health Savings Accounts Better than Flexible Spending Accounts? "
Posted by Wiley Long at 11:47 AM | Comments (0)
January 18, 2010
Health Savings Accounts Can be Used to Improve Financial Security
Health Savings Accounts can not only save you money on health insurance expenses now, but they can also serve as a vehicle to help you grow your retirement savings in a strategic way. Health Savings Account participants can use their accounts to help grow their savings tax-free (or tax-deferred). For many people, a Health Savings Account can serve as a second retirement account that will be available to help cover their medical expenses in addition to any other retirement expenses they may have.
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Posted by Wiley Long at 11:30 AM | Comments (0)
January 15, 2010
Using a Health Savings Account to Keep Health Insurance Premiums Low
Health Savings Accounts offer tax deductions for medical expenses, and the possibility of creating an additional retirement account. But regardless of any other positive benefit of Health Savings Accounts, lower premiums are the main reason why thousands of Americans have chosen Health Savings Accounts as the best way to protect the health of their families and their property. Here are some basic tips on how to keep your health insurance premiums low.
1.Choose an HSA-qualified health insurance plan that increases rates slower.
Continue reading "Using a Health Savings Account to Keep Health Insurance Premiums Low"
Posted by Wiley Long at 11:30 AM | Comments (0)
January 12, 2010
Seven Things to Know About a Health Savings Account
Health Savings Accounts are becoming increasingly popular savings accounts used to pay for qualifying medical expenses. Since they first became available in 2004, about 2.5 million Americans have opened a Health Savings Account. However, Health Savings Account plans may not be the best options for everyone. If you are thinking about enrolling in a Health Savings Account, here are seven things you need to know:
1. A Health Savings Account plan can reduce healthcare costs by an average of 40 percent for many participants.
Continue reading "Seven Things to Know About a Health Savings Account"
Posted by Wiley Long at 09:46 AM | Comments (0)
January 10, 2010
How to Set Up a Health Savings Account; A Step-by-Step Guide
Health Savings Accounts provide an excellent way to save money and grow financial assets. Health Savings Accounts provide a vehicle for participants to make tax-deductible contributions into a personal savings account that can be used to pay for qualifying medical expenses.
In addition to the tax deduction participants receive for contributions they make to their Health Savings Accounts, the funds held within a Health Savings Account grow tax-free and can be withdrawn tax-free to pay for qualifying medical expenses. Therefore, participants often invest the funds within their Health Savings Accounts into high interest-yielding investments such as stocks and bonds.
Continue reading "How to Set Up a Health Savings Account; A Step-by-Step Guide"
Posted by Wiley Long at 09:33 AM | Comments (0)
January 07, 2010
Non-profit Organization Launches Health Savings Account Plan
Low-income residents in Reno, NV may have a new health insurance option this year; a Reno-based non-profit organization is planning to launch a Health Savings Account option for its low-income members. If the organization does launch the Health Savings Account plan this month, it will be the first like it in the nation, according to individuals involved with the endeavor.
The new HSA plan – called the Individual Development Account – will be available through Access to Healthcare Network. Access to Healthcare Network is a program for the working poor that negotiates discounted rates for health care services and products with health care providers.
Continue reading "Non-profit Organization Launches Health Savings Account Plan"
Posted by Wiley Long at 09:27 AM | Comments (0)
January 04, 2010
The ObamaCare Health Savings Account Promise – and Problems
By many accounts, the impending ObamaCare plan will be detrimental to the U.S. not only by adding trillions of dollars to the current healthcare entitlements, but also by reducing the level of healthcare innovation as the government takes over. However, despite the predicted setbacks of the ObamaCare plan, there is still hope for many Americans in the form of affordable and tax-friendly Health Savings Accounts.
Health Savings Accounts, which were created as part of the 2003 Medicare Modernization Act, represent some of the most innovative and consumer-friendly developments across the health-insurance industry to date. Not only do Health Savings Accounts provide financial resources for consumers, but they also encourage consumers to make smarter choices about their healthcare resources.
Continue reading "The ObamaCare Health Savings Account Promise – and Problems"
Posted by Wiley Long at 10:34 AM | Comments (0)
December 30, 2009
Big Businesses Adopting Health Savings Accounts in 2010
With ever-increase healthcare premiums, CEO, small business owners, self-employed individuals, and even the self-insured are constantly challenged to find ways to keep a close watch on their healthcare expenses. Luckily, the October 23, 2009 issues of Consumer Driven Market Report has some insights into how to better manage healthcare expenses in a sometimes unpredictable healthcare environment.
According to the Consumer Driven Market Report, "The huge Blue Cross Blue Shield of Florida will offer only a Health Savings Account product to employees next year in the latest sign that larger employers, government workers and unions will be a major source of total replacement offerings in 2010."
Continue reading "Big Businesses Adopting Health Savings Accounts in 2010"
Posted by Wiley Long at 08:38 AM | Comments (0)
December 28, 2009
Senate Health Bill Threatens the End of Health Savings Accounts
Many healthcare experts worry that the proposed Senate healthcare bill that was recently revealed by Harry Reid will reduce the quality of medical care while costing the nation trillions of dollars, pushing the nation further into debt. The new bill will cost $1.2 on the outside; however, critics contend that when the "accounting gimmicks" are removed, the 2,074-page bill will have an actual hard cost closer to $2.5 trillion.
Critics believe that this new bill will be damaging to a nation already strapped by debt and a struggling healthcare system. In particular, many are concerned that the bill will damage Health Savings Account plans that give consumers more control over their healthcare choices and dollars. Here’s why:
Continue reading "Senate Health Bill Threatens the End of Health Savings Accounts"
Posted by Wiley Long at 08:34 AM | Comments (0)
December 24, 2009
New Online Health Savings Account Tools from Aetna
National health insurance carrier Aetna has developed an online resource that can help current members and potential members get the most out of their Aetna Health Savings Account Plans. Using their online resource, visitors get more information about the available Health Savings Account plans, review tips on how to make the most of their Health Savings Account plans, and watch videos that share information about the different types of Health Savings Account plans.
Continue reading "New Online Health Savings Account Tools from Aetna "
Posted by Wiley Long at 10:57 AM | Comments (0)
December 22, 2009
Health Savings Account Balances Grew in 2009 1st Quarter
The average Health Savings Account balance in America has continued to grow each quarter, even as the national economy still faces slow economic conditions, according to the Health Savings Account Market Q1 – 2009 report from Canopy Financial.
Canopy Financial is a national vendor for consumer-directed health plan (CDHP) financial technology and electronic payment systems that are used by banks and managed care companies. During its research, the company found that the average individual Health Savings Account subscriber during the 1st quarter of 2009 was 42 years old and contributed $116 each month – a figure that is up from the average monthly contribution of $111 during the 4th quarter of 2008. Employer contributions also increased during the 1st Quarter in 2009 from $69 to $113 for individual Health Savings Account participants.
Continue reading "Health Savings Account Balances Grew in 2009 1st Quarter "
Posted by Wiley Long at 10:39 AM | Comments (0)
December 20, 2009
Time to Enroll in a Health Savings Account for 2010
Health Savings Account participants will receive greater tax benefits than ever before in 2010, thanks to an increase in contribution limits. When Health Savings Accounts are coupled with qualifying high-deductible insurance plans, participants receive hundreds or thousands of dollars in savings each year, making Health Savings Accounts attractive options for many people seeking ways to save money and control health care costs.
Continue reading "Time to Enroll in a Health Savings Account for 2010 "
Posted by Wiley Long at 10:33 AM | Comments (0)
December 18, 2009
HSA Bank Eliminates Two HSA Fees as Banking Industry Fees Soar
As Congress continues to discuss the ever-increasing increase in banking fees across the country, HSA Bank has announced that it will eliminate the set-up fees and debit card renewal fees for Health Savings Accounts. By eliminating these fees, HSA Bank is addressing the two most prominent concerns amongst its customers, which were identified in the bank’s annual Consumer Benchmark Survey.
Continue reading "HSA Bank Eliminates Two HSA Fees as Banking Industry Fees Soar"
Posted by Wiley Long at 10:34 AM | Comments (0)
December 16, 2009
The Impact of Health Savings Accounts Amongst Credit Unions
As the health care reform debate rages on in the halls of the Senate in Washington, D.C. credit unions nationwide are increasing their efforts to find affordable and effective health care solutions for their union members. Creditunions.com hosted a recent Webinar in which a panel of health care plan experts evaluated the potential impact within the credit union community of making maximum contributions to Health Savings Account (HSA) portfolios.
Continue reading "The Impact of Health Savings Accounts Amongst Credit Unions"
Posted by Wiley Long at 10:58 AM | Comments (0)
December 13, 2009
Health Savings Accounts Offered Through Employer Consumer Driven Health Plans Are On the Rise
According to a new survey by Aon Consulting and the International Society of Certified Employee Benefit Specialists, more employers are offering Consumer Driven Health Plans (CDHPs) with Health Savings Accounts than ever before. Consumer Driven Health Plans have been available since 2000 and are popular health insurance options for employers who want to help their employees have more control over their healthcare expenses than is allowed by traditional insurance plans.
Posted by Wiley Long at 10:37 AM | Comments (0)
December 11, 2009
Health Savings Account Potential: How Health Savings Accounts Could Help to Restore Michigan’s Fiscal Health
Business owners, lawmakers, legislators, and more have spent decades trying to find the perfect healthcare solution for Americans and their families. In fact, the Mackinac Center – a free-market public policy research center in Michigan - has recommended hundreds of reform ideas that could save billions of dollars and help to balance the state budget since 1988.
Currently, the state of Michigan continues to try to find the best solutions to balance the 2010 budget. In the face of these challenges, 2011 is already expected to run rampant with budget deficits and political drama, as the following year is an election year. These challenges promise to be greater than what the state has faced in regards to the last seven state budgets combined. However, one thing is certain: state legislators need to reduce the cost of state government as soon as possible.
Posted by Wiley Long at 08:30 AM | Comments (0)
December 09, 2009
Five Ways a Health Savings Account Can Help YOU Save Money
Enrolling in a Health Savings Account is an excellent way to save a significant amount of money for you and your family. Here are 5 ways that opening a Health Savings Account can make a difference:
1. Health Savings Accounts have corresponding high-deductible insurance plans (HDHP). These high-deductible insurance plans have lower monthly premiums than “standard” insurance plans, which saves you money each month. Lower health insurance premiums = higher savings potential!
Continue reading "Five Ways a Health Savings Account Can Help YOU Save Money"
Posted by Wiley Long at 02:15 PM | Comments (0)
December 07, 2009
The Alternative of Health Savings Accounts
More people than ever are choosing Health Savings Accounts. This is good news for the healthcare consumer. Everyone benefits when the country is given more choice when it comes to their healthcare. Health Savings Accounts let you work out a financial plan that works best for your specific needs and decide how to manage your own medical needs.
An added benefit of Health Savings Accounts is making the price of medical care more affordable for everyone, and the prospect of lowering the nation's rising healthcare costs.
So how can revamping the current health insurance system affect healthcare from a financial standpoint?
Continue reading "The Alternative of Health Savings Accounts"
Posted by Wiley Long at 02:11 PM | Comments (0)
December 03, 2009
Learn About Guidelines For Health Savings Accounts
With Health Savings Account originally set up as a savings account meant specifically for medical expenses, there are some guidelines that you need to be aware of. You are allowed to deposit pre-tax dollars into your Health Savings Account, so it is a great way to save for HSA qualified medical expenses. However, there are a few eligibility requirements that must be met before individuals and families can open a Health Savings Account and begin to make contributes.
Below is a list of those requirements and guidelines to help you decide if a Health Savings Account is for you.
Continue reading "Learn About Guidelines For Health Savings Accounts"
Posted by Wiley Long at 02:07 PM | Comments (0)
December 01, 2009
What Will The Senate Health Care Bill Do To Health Savings Accounts
Senators like to tell us how their bill will help the free market. They say the "public option" or government run plan would just be another choice on healthcare to compete with other insurance plans. They say the government-run health care exchanges will make it easier for individuals and employers to choose the best health care plans.
But the reality is quite different. The Senate health care bill would severely limit choice. And in one key area, it limits choice on Health Savings Accounts which allow individuals and families to save their money tax free and use it for their healthcare.
Continue reading "What Will The Senate Health Care Bill Do To Health Savings Accounts"
Posted by Wiley Long at 05:23 PM | Comments (0)
November 27, 2009
Health Savings Accounts Continue to Gain in Popularity as Healthcare Debate Rages On
While the nation's lawmakers debate possible ways to improve the health care system, a national consumer organization reports that thousands of Americans apparently believe they've already found an answer: Health Savings Accounts.
A Health Savings Account is a lot like an IRA. The money you put into your Health Savings Account provides an above-the-line tax deduction, reducing your adjusted gross income and thereby reducing your tax burden each year.
explains Vicki Rolens, managing director of the Federation of American Consumers and Travelers (FACT).
Posted by Wiley Long at 10:49 AM | Comments (0)
November 25, 2009
Health Savings Account High Deductible Options
If you are looking for an affordable health insurance plan, then you should look for plans which have a high deductible with a Health Savings Account option. The deductible is the amount which you have to pay out of pocket for healthcare before the insurance company starts to pay for your coverage.
The major costs of a health insurance plan come from the monthly or annual premium and the amount of deductible. Higher the premium, lower the deductible.
Continue reading "Health Savings Account High Deductible Options"
Posted by Wiley Long at 11:15 AM | Comments (0)
November 20, 2009
Health Savings Account Things To Consider
A Health Savings Account is becoming a popular tool to save money for medical expenses. Many employers are providing them in conjunction with a high-deductible health insurance plan so that their employees can afford their deductibles. While Health Savings Accounts are becoming more popular, many people still do not know much about them. Here are six things to consider if you are thinking about getting a Health Savings Account.
1. Pre-Tax Contributions to your Health Savings Account
Continue reading "Health Savings Account Things To Consider"
Posted by Wiley Long at 11:14 AM | Comments (0)
November 17, 2009
High Deductible Health Plans and Health Savings Accounts
As the cost of health insurance and healthcare continues to grow, individuals and families are actively looking for ways to lower their healthcare costs. This increased cost, as well as the current health care reform efforts, have been beneficial for a couple of reasons. First of all, it has caused people to creatively look at ways to reduce premium cost. Secondly, it has caused us to consider what real purpose health insurance serves and evaluate our past coverage choices. Let's take a look at the components of using a Health Savings Account plan:
Continue reading "High Deductible Health Plans and Health Savings Accounts"
Posted by Wiley Long at 12:43 PM | Comments (0)
November 13, 2009
Health Savings Account Deadline December 1st - Don't Miss This Date!
Posted by Wiley Long at 08:19 PM | Comments (0)
November 12, 2009
General Motors Moves to Health Savings Accounts
General Motors Co. is moving most of its 24,000 salaried employees into Health Savings Accounts and away from traditional health care plans starting at the beginning of 2010.
The employees are being offered two Health Savings Account options:
One Health Savings Account plan has a maximum of $2,200 in yearly out-of-pocket costs for a single salaried employee, and $5,000 for a family.
The other Health Savings Account plan has a $1,300 out-of-pocket maximum for an individual and $3,100 for a family, but with a higher monthly premium.
Continue reading "General Motors Moves to Health Savings Accounts"
Posted by Wiley Long at 08:58 AM | Comments (0)
November 09, 2009
Blue Cross Offering Health Savings Accounts To Employees
While insurers nationwide say it's important that healthcare reform offer people plenty of insurance alternatives, Blue Cross Blue Shield of Florida has decided that one health insurance plan is best for their employees.
Their agents will continue to offer individual and businesses dozens of options in PPOs, HMOs, and other health insurance options, but next year the 5,000 employees of Blue Cross Blue Shield of FL will be required to go into a Health Savings Account with a high-deductible health insurance plan.
Continue reading "Blue Cross Offering Health Savings Accounts To Employees"
Posted by Wiley Long at 10:33 AM | Comments (0)
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.
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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.
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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.
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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:
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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.
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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:
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Posted by Wiley Long at 01:33 AM | Comments (0)
