The IRS Deductions Blog

Posts Tagged ‘high_deductible_health_plans’

Question: I’m just curious if any of you have had an HRA or an HSA thru your company with a High Deductible Health Plan?

We are just starting an HRA for one of our divisions (free grant money from the government!) and everyone seems really excited about it. HRA-employer puts money in for them, no wonder why. If a company uses a HSA (Health Savings Account), then the employee typically puts most of the money in the account, but it can be rolled over from year to year and job to job and it earns interest (hopefully!) if you don’t use it all each year for your deductible.

They say this is the new way in health insurance, but in my part of US (Northeast), it hasn’t caught on too much yet. HMO’s are still the way most companies around here are insuring their employees.

Bottom line-have you ever had one or both of these types of accounts, and what did you think of it? Better than an HMO or not?

Thanks in advance!

Answer: I designed an HRA plan as an option for a Fortune 500 retailer. You can roll over your balance in an HRA too. There is no advantage to the employer in offering an HSA except that you don’t have to make any contributions. You have to be very careful when you also offer a medical Flexible Spending Account. To help alleviate this, I designed the plan so that reimbursable expenses under the two plans were mutually exclusive. The only way to really save $$ on these plans is to make it a full replacement, which essentially disadvantages the chronically and seriously ill. Often, preventive care is always covered at 100% regardless of the deductible. Rx drugs may also have to be handled separately. With HMOs you have virtually no design freedom and you are shackled to state insurance regulations. If you have at least 200 employees, you should self-insure with a single option and buy stop-loss coverage. You can then rent a network to get the physician discount. This is the best way to go

Items on Amazon Right Now for High Deductible Plans:

2 Year CPS Consumer Priority Service Extended Warranty for Video Game Consoles Under $500.00 $149.99 eBidds Inc. has proudly partnered with Consumer Priority Service (CPS) to offer several Extended Warranty Services. Extended Warranties may not only be purchased for products you are currently buying from eBidds or have bought from us in the last 30 days, but also products purchased from other legitimate retailers. An Extended Service Plan is generally an extension of your original manufacturer’s…

4 Year CPS Consumer Priority Service Extended Warranty for Video Game Consoles Under $1,000.00 $259.99 eBidds Inc. has proudly partnered with Consumer Priority Service (CPS) to offer several Extended Warranty Services. Extended Warranties may not only be purchased for products you are currently buying from eBidds or have bought from us in the last 30 days, but also products purchased from other legitimate retailers. An Extended Service Plan is generally an extension of your original manufacturer’s…

4 Year CPS Consumer Priority Service Extended Warranty for Video Game Consoles Under $500.00 $184.99 eBidds Inc. has proudly partnered with Consumer Priority Service (CPS) to offer several Extended Warranty Services. Extended Warranties may not only be purchased for products you are currently buying from eBidds or have bought from us in the last 30 days, but also products purchased from other legitimate retailers. An Extended Service Plan is generally an extension of your original manufacturer’s…

To amend the Internal Revenue Code of 1986 to expand health coverage through the use of high deductible health plans and to encourage the use of health savings accounts. $9.37 The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its work, an enlightened democracy can grow and prosper. Ranging from historic Congressional Bills to the most recent Budget of the United States Government, the BiblioGov Project spans a wealth of gover…

Bay Area’s hospital costs rising to top in California, but superior care isn’t guaranteed

Soon after her colonoscopy, San Francisco resident Mary McClung received a bill from California Pacific Medical Center for $4,871. The amount fell within her high insurance deductible, leaving her responsible.

Compare High Deductible Health Plans

Question: Is your annual town motor vehicle tax deductible on federal taxes?

Answer: There are some who deduct them , after all it is a tax and it would be a double taxation,
A tax is a fine or penalty ; EEOC vs Corporate Systems , it isn’t hard to find several hundreds

Items on Amazon Right Now for Annual Deductible:

Nonprofit news

MILLWOOD: The Food Bank for Westchester recently hosted its second annual Give Back Olympics.

How to meet your annual deductible by January

Question: OK, which of the presidential candidates do you think REALLY has a viable health care plan?

I’m not into politics, feeling that there are paybacks, favors and general corruption everywhere. Wealth, decent looks, connections, charisma wins every time. SORRY for the cynicism…. BUT this IS certainly an interesting election year!

I left a big corporation (horrible corporate culture) with 18 years of awesome benefits. Couldn’t continue paying the big COBRA fees and am currently looking for affordable insurance for a poor person, healthy, (great BP and cholesterol, non-smoker, non-drinker, …bla bla….)

The rates are just obscene for anyone on a limited income.
SO HELP ME OUT PLEEZZZE!!.

DO ANY OF THESE CANDIDATES HAVE A DECENT PLAN THAT HE/SHE REALLY, REALLY INTENDS TO IMPLEMENT?

Thanks for your opinion, AND if you know of an honest health care plan with a HIGH deductible (I can handle the smaller stuff–the first 2 or three thousand) let me know.

So far, the insurance salespeople I’ve spoken with give me the creeps and sound like used-car salesmen..

Answer: The present Health Insurance is a scam perpetrated by the Health Insurance Lobby.
YOU ARE BETTER OFF PAYING CASH FOR YOUR HEALTH.
At one time medical doctors are up at arms against this Health Insurance Law because it does not provide the best possible medical care for the sick. The bigger chunk of the pie goes into the bureaucracy of the Health Insurance company. A smaller slice of the pie goes to the doctor.

All the $dollar$ cost the insured see are all inflated. The real cost of medical care are hidden from the public. Remember the cost of all health care is paid for by the insured as a group.
“Insurance companies use the term “adverse selection” to describe the tendency for only those who will benefit from insurance to buy it. Specifically when talking about health insurance, unhealthy people are more likely to purchase health insurance because they anticipate large medical bills. On the flip side, people who consider themselves to be reasonably healthy may decide that medical insurance is an unnecessary expense; if they see the doctor once a year and it costs $250, that’s much better than making monthly insurance payments of $400 (example figures).”

http://www.consumersresearchcncl.org/Healthcare/Ophthalmologists/ophth_healthcare.html

Health insurance is in business because more money is coming ($340B) in than is going out. In general that means the insured paid more money that the actual cost of health care. Period.
Check this site about the $300 Billion dollar HMO industry -
Bill Clinton was scared to confront. The industry is corrupt like mafia.
Check out the salaries CEO’s in this industry. Check out the scandals in health insurance companies. You will be shock with the scams they pull.

http://www.counterpunch.org/welch10302004.html

http://www.insurancenewsnet.com/article.asp?a=top_pc&id=26262

http://www.healthcare-now.org/shownews.php?nid=602&sid=&subid=

Items on Amazon Right Now for High Deductible Health Care Plans:

Briefs – April 22

Senior Meal every third Sunday at Clarinda Regional Health Center

Health Savings Accounts

As it is known that the original Medicare has certain gaps that prevents the Original Medicare policies to pay for all the health care services that you may need. Therefore when you are in the original Medicare you shall need some extra help from the Medicare Supplement Insurance plans or the Medigap policies. These Medicare supplement plans are health insurance works as supplementary help along with the original Medicare for the costs it does not cover. These Medicare supplement plans are sold by the private health insurance companies and by the law these companies can offer only 12 standard medigap insurance plans. These plans are named A through L. Each of these plans has a different set of benefits. But there are certain terms and conditions regarding the Medicare supplement plans. As for example: beginning in 2006, Medigap Plans H, I, and J, cannot be sold with prescription-drug benefits, although people who already had those policies can keep them.

There are several other circumstances in which the Medicare supplement plans cannot be used. As it should be known to all who are interested in purchasing Medicare supplement plans it is essential that the person willing to have the Medigap policies must be under the original Medicare plan to get enrolled for the Medigap plans. If you are already having the Medicare supplement plans and you switch over to the Medicare Advantage plan form the original Medicare then you cannot use the Medigap plans unless you switch back to the original Medicare. This is very much essential as the Medicare supplement plans are meant to work with the Original Medicare only.

However, all the Medicare supplement plans cover the basic benefits of the Medicare plans A and B. The Medicare plans A and B are considered to be the most basic plans and therefore the basic benefits of these two plans are included in all of the Medicare supplement insurance plans. However, before deciding the Medicare supplement plan to choose for yourself it is better for you to go through the offer documents of all the Medigap plans and then select the one which seems to be the most perfect one for you. Another important thing that should be mentioned in this context is that from whatever company you may purchase the Medicare supplement plans the company is bound to provide the same benefits. For instance, all Plan C policies have the same benefits no matter which company sells the plan. However, the premium charges can vary.

You can also seek the help of some insurance agent to help you choose the perfect Medigap policy for you. This is a better idea to help of some insurance agent as they are better aware of the insurance policies of different companies and the premium rates therefore it can always be in your advantage so that you can better figure it out which plan to choose. Sometimes it is often seen that some Medicare supplement plans, though apparently seem to be less profitable can actually save you a lot of money in the form of diductables.

Items on Amazon Right Now for No Deductible Health Plans:

Consumer-Directed Health Care for Persons Under 65 Years of Age with Private Health Insurance: United States, 2007 $1.99 National attention to consumer-directed health care has increased following the enactment of the Medicare Prescription Drug Improvement and Modernization Act of 2003 (P.L. 108-173), which established tax-advantaged health savings accounts (1). Consumer-directed health care enables individuals to have more control over when and how they access care, what types of care they use, and how much they sp…

Impact of Type of Insurance Plan on Access and Utilization of Health Care Services for Adults Aged 18-64 Years With Private Health Insurance: United States, 2007-2008 $1.99 National attention to consumer-directed health care has increased following the enactment of the Medicare Prescription Drug Improvement and Modernization Act of 2003 (P.L. 108-173), which established tax-advantaged health savings accounts (HSAs) (1). Enrollment in consumer-directed health care products has increased over the past several years (2). Consumer-directed health care may enable individu…

Make budgeting a New Year’s resolution

I can tell already. This year is going to be more expensive than 2009. For starters, my health insurance premium went up from $215 to $255.59 a month. My wife’s Medicare prescription drug plan added a $100 deductible and raised the monthly premium…

America’s Affordable Health Choices Act Introduced