Health Savings Accounts: Taxes and index updates coming soon.

Health Savings Account indexes are soon to come out, and so are the new 2007 tax changes. We may also see some more changes in 2006 as well. November is when I expect the index updates for 2006 and I expect the additional changes for 2006 would come in December some time. I would expect from research that we will see some significant changes to the laws that effect HSA's and these will be very positive indeed.

Tip of the day: Always let your doctor know that you have a Health Savings Account. You will see that the prices are negotiable, sometime up to 50% of the normal billed cost.

It was said by a very wise man, that the time taken to negotiate will be the most money you will ever make...for the time spent. Do it.

Health Savings Accounts: Health insurance dilemmas?

Reading an article under MoneySmart in the USA Weekend I am reminded how many Americans are in a place to make a beautiful decision to help them and their family’s financial future. That decision is to choose to use a Health Savings Account to improve their financial standing. As you know the open enrollment period is upon us and some of us will find a new option on the health insurance menu this year. "More than a quarter of the nation's employers will offer consumer-driven health care plans (CDHC), says Hewitt Associates, a benefits consultant."

How Health Saving Accounts work: The insurance component is based on a high upfront deductible (as much as 2,500 for a single, or 4,000 or more for a family) in exchange for lower monthly premiums. You will receive a debit card or credit card from your insurance company to pay for your health costs, which comes out of the premium savings that is deposited into a Health Saving Account an IRS approved Individual Retirement Account (IRA). Insurance may pay up to 80-90% of your health cost after the deductible, and employers may deposit a fixed amount for each employee into a tax-advantaged Health Savings Account (HSA) to help pay for out of pocket costs. You can also contribute your own pretax dollars to the HSA.

Tips to follow to help make sure this new option is right for you and your family. Ask if your company has an online calculator to help compare and analyze all the choices. If the company does not have a calculator, then ask to see if the insurance company has one.

Comparing High Deductible vs. Low Premium:
Healthy, single workers, for example, may find the savings on premiums combined with the tax benefits of the Health Savings Account makes that a better deal. Anyone with a chronic illness will find their usually better off staying with the traditional High Premium-Low Deductible health insurance.

Health Savings Accounts; Is it one of the solution for US health care uneasiness?

Consumer unease with U.S. health care grows
By Julie Appleby, USA TODAY
The U.S. health care system — touted as providing the best medical care in the world — is becoming more precarious to most Americans, who are rattled by rising costs, questions about quality and fears about the future. http://www.usatoday.com/money/industries/health/2006-10-15-health-concern-usat_x.htm

The fact that there are so many Americans not planning for sickness, illness or the occasional dental visit is beginning to change. This change is coming slow. Our experiences of cheaper health care cost and employer paid insurance has given us the bad habit of not planning for such occurrences. We do see the change coming. The evolving Health Savings Accounts are becoming more and more the option for those who will plan for unseen health care needs. There is also a bonus IRA like savings account for retirement that is IRS approved. More and more tools are coming to help the consumer to make and manage Health Savings Accounts. Live healthy and plan for your future...it will come.

Health Savings Accounts gets a legislative approved increase for workers

The House approved legislation to increase the amount that workers can put into there Health Savings Accounts (HSA). This move gives option for workers to use Individual Retirement Accounts (IRA’s) for a one time transfer to fund a HSA, and allows for Flexible Spending Accounts (FSA) monies to also be used to fund as well. I noticed an additional option for workers, known as the health reimbursement arrangements (HRA) that can also be used to fund a Health Savings Account. As always there must be a catch, and that is that the lawmakers…the House and Senate will be in recess starting today Friday 13th. Review full article: www.besthealthsavingsaccountarticles.com House panel OKs expanded health savings accounts

Health Savings Account Articles

Health savings account articles you want? I found a great one at www.besthealthsavingsaccountarticles.com.

Health Savings Accounts...The Beginning for Me

"There must be a real paradigm change within the medical health services and health insurances industries!" "I am happy to tell you today that the time is coming we will be able to take back control of our health and our families health too." Paul Zane Pilzer is a world-renowned economist, a former advisor to two White House administrations, and a bestselling author. He authored the Health Savings Accounts bill signed into law by President Bush in 2003: Speech Grand America 2003

As I insistently listened to every word he spoke, I was getting ideas and thoughts of what would be…if every person understood the communications I was hearing. Paul Zane Pilzer is a great speaker and communicator, but being an economist and financial consultant for many years I was hearing his language. I knew then the need to translate these great new benefits into easy, understandable, applicable steps and actions.

I know I sleep better knowing my medical health decisions are sound, understandable and explainable if the time should occur. My goal is to bring you information, insight, views and easily understandable language to help in your medical/health financial decisions. Great resources will support many of the complex issues to help make your financial decision feel and come together smoothly.