Finally… a common sense healthcare solution out of Washington!

As Washington continues to steamroll private businesses under the assumption that the last election results created a mandate for “change” healthcare reform is the ultimate target. Yesterday it was banks and the auto industry, today is credit cards, tomorrow is socialized medicine. For those of us that feel that Washington meddling in the private sector rarely (if ever) has positive results, what can we do to stop this?

There are a few people in Washington that are working towards a free market cure based on empowering physicians and patients to make healthcare decisions instead of forming a new Washington bureaucracy that will ultimately end up rationing healthcare.

An Alternative to Obamacare  

Congressman Paul Ryan unveils the Patients’ Choice Act at a May 20, 2009 press conference in the U.S. Capitol:

So why does our current healthcare delivery system focus on employer based plans? This common sense solution is based on portable privately owned health insurance plans.

If you feel the best healthcare solution lies within empowering individauls to control their own healthcare plans and healthcare dollars with Health Savings Accounts along with lower cost health insurance plans, now is the time to act… before it’s too late!

Finally people are starting to get it!

Here’s another Health Savings Account success article:

Philadelphia warming to high-deductible health plans

Employees like a lower cost option… Lower health insurance premium increases… Employees saving money… This HSA thing might take off after all!

If you think healthcare is expensive now, wait until it’s free!

For those of you that are captivated by the eloquent speeches out of Washington telling us the primary reason for healthcare reform is to cover the millions of uninsured in America, listen up!  A not quite as well known Illinois Democrat reveals the actual goal of “reforming” healthcare…

Washington is treating healthcare as if it’s a right.  Just when did the historical revisionists rewrite the Declaration of Independence to say, “The Right to Life, Liberty, and Health Insurance”?

I agree we have a problem with our healthcare system in America.  It is WAY too expensive.  I have said many times I am an insurance agent that doesn’t like insurance.

Co-pay based healthcare plans are doomed to failure by design.  When you incentivize people to spend money, don’t act so surprised when they overspend!  The way to change utilization is to give every American a vested interest in NOT spending their healthcare dollars.  Every time I pull out my Health Savings Account debit card, I’m spending MY MONEY!

Where is personal responsibility in this conversation?  How many uninsured people are actually spending more money on cell phones, cable tv, alcohol, tobacco, eating out, movies, and other entertainment than what an HSA qualified health insurance plan would cost?  You might be surprised at how affordable these plans can be.  Go to www.myHSAguy.com and see for yourself.  You do need to be healthy enough to qualify, but most states have guaranteed issue plans available that will cover any health condition.  So why doesn’t Washington put a few more dollars into these state plans and make them more affordable?

Now THAT’S a healthcare reform plan I would support!

Is the federal government hijacking our healthcare system?

Great Question!

We have another hijacking taking place. This one is happening in Washington. The Democrats in the house of representatives are about to ramrod a healthcare reform bill using a “fast track” procedure that limits debate to 20 hours!

Democrats place healthcare legislation on fast track

How can the complex problems we have be resolved in 20 hours? This reconciliation legislation also eliminates any filibuster from the Republicans.

If you think the Canadian healthcare system is a decent option, you need to see the other side of the story: www.freemarketcure.com  

Unfortunately with so few conservatives in Congress there are no checks & balances in place to stop this. However, we do need to let our representatives know that 20 hours and then forcing a vote is ridiculous!

Tax Time! Maximizing your HSA for 2008

Line 25 HSA tax deduction

Since this blog is dedicated to offering the most up-to-date Health Savings Account information, we want to make sure you maximize your HSA for 2008. Remember, you have until you file your taxes or April 15th to finish up your 2008 contributions and get a 2008 tax deduction.

2008 Contribution limits:
Single – $2900
Family – $5800
Catch up contribution (age 55 or older) $900 per person*

2009 Contribution limits:
Single – $3000
Family – $5950
Catch up contribution (age 55 or older) $1000 per person*

*If both are 55+ then both have to open HSA accounts for both to participate in catch up contribution

These limits are also stated on our website: www.myHSAguy.com/hsa/HSA-contributions.html  and on the department of treasury website: www.ustreas.gov/offices/public-affairs/hsa/

These maximum contributions will not be pro-rated if your HSA qualified health insurance plan (HDHP) was either in force all 12 months of 2008 OR if it was in force by December 1st of 2008 AND remains in force all 2009.

Your tax deduction is based on how much you DEPOSIT into your HSA, not how much you spend.

You do not have to itemize to get the tax deduction.

You do NOT have to have paid your eligible expenses (www.myHSAguy.com/docs/HSA-Eligible-Medical-Expenses.pdf) out of your HSA.

You are required to keep receipts of your eligible expenses in case the IRS audits you. You can choose to reimburse yourself at a later date up to the medical receipts you have accumulated without being subject to 10% penalty or taxable income.

The triple-tax advantages (tax deductible deposits, tax free interest earned, and tax free withdraws for eligible medical expenses) only available with HSAs make them an important tax planning tool that is unmatched when used properly.

Other statistics show that nearly half of the 6 million Americans covered by the required HDHP insurance plans have not established their HSA account, and therefore are not participating in the tax savings they offer. Although OFM Benefits is one of the nation’s premier HSA focused insurance agencies, there are probably some of you that have procrastinated setting up your account. If you have been covered by your HDHP before or on December 1st, 2008 and haven’t set up your HSA, it’s not too late!

OFM has worked with many local financial institutions over the years showing them the tremendous value HSAs offer their account holders. Most have chosen not to offer them. One of the banks we have forged a long-term relationship with is M&I Bank (formerly Gold Bank). I was asked to be their HSA expert in their video presentation to employers www.mibank.com/hsaemployer. I personally have my HSA account there. Along with a fixed account they also have investment options: https://www.mibank.com/mibanknew/subsections.cfm?pagename=phsainvest

M&I has established over 29,000 HSA accounts for many individuals and businesses. Here is a link to M&I Bank’s online enrollment system. Be sure to enter “90831″ in the company code field: https://www.mibank.com/mibanknew/lp/hsa/miHSA_101007.html

As many Americans are facing huge health insurance premium increases and revenue decreases, HSA qualified plans are becoming even more popular. The average household pays over $12,000 per year for health insurance premiums!  We feel HSA qualified plans offer the best value in healthcare today. 

If you are self employed or a business owner and would like to receive the premium savings and tax deductions only available with HSAs, please visit www.myHSAguy.com

Scott Borden
OFM Benefits Consulting, LLC
6400 Glenwood, Suite 307
Overland Park, KS 66202
913-432-2732
913-432-2061 fax

Walgreens offers free healthcare for unemployed & uninsured!

Walgreens is offering free visits to their in-store clinics for uninsured Americans who have lost their jobs on or after March 31, 2009.

Reuters article: Walgreens offers free clinic visits

Way to go Walgreens… now that’s stepping up to really make a difference!

Free healthcare for ILLEGAL ALIENS?

Here is another reason our health insurance premiums are too high:

Most countries that offer their citizens socialized medicine at least have the common sense to NOT allow illegal aliens to receive free care.

What’s next… allowing them to vote?

Who are the uninsured?

Why does the most prosperous country in history seem to have a problem covering nearly 50 million citizens with health insurance? Other countries are spending much less than we spend, yet they cover all their citizens. Maybe we should switch to a government ran system like so many other countries. They seem to have better medical outcomes at a lower cost.

According to everything we hear today, the best solution is being worked on in Washington this past week… socialized medicine.

Today we are going to discuss the millions of uninsured Americans. Do we truly have a health care access problem, or is it a priority problem?

Stuart Browning of www.freemarketcure.com has a series of thought provoking videos that seem to reject the Washington wisdom we are being force fed today:

It’s sad that 17 million Americans that are making over $50,000 per year CHOOSE not to purchase health insurance. 18 million “young invincibles” CHOOSE to spend over 4 times as much on alcohol, tobacco, entertainment, and dining out as they spend on health care. Sounds like a priority problem to me!

If Americans knew about the lower cost health insurance plans that cover major medical expenses such as the Health Savings Account (HSA) qualified plans we recommend, they would no longer be uninsured. They would also be eligible for the PPO network discounts for services they receive even before they meet their deductible. Statistics have shown that over 30% of the individuals covered by HSA qualified plans were previously uninsured.

Since so many people are uninsured and are receiving “charity care” it artificially increases the cost of health care.

Obviously Washington is going to attempt to correct this issue. What if they were to require Americans to purchase a basic level of health insurance? How about helping states fund their guaranteed issue plans to make them more affordable and offer better benefits? Then the amount of “charity care” would be reduced tremendously and we could actually see cost reductions for health care. Many of these initiatives were outlined recently by Grace-Marie Turner of the Galen Institute:

Healthcare: What Can Americans and Europeans Learn from Each Other, and What Changes Are Needed?

And would somebody PLEASE explain to me why our tax dollars need to be paying for illegal alien “charity care”!

Scott Borden
www.myHSAguy.com

Hey, I’m in Newsweek!

I am a big fan of Linda Stern and have spoken with her on occasion over the years, but I had no idea she was publishing this last November…

There’s Still Time To Make it All Back

It seems much more timely now than it was when it was published!

Scott Borden

Why is health insurance so expensive?

New videos from Humana do a GREAT job explaining health insurance!

One of the biggest problems facing Health Savings Accounts is trying to explain why HSA qualified plans make good sense.  Here is a great summary of CDHP plans.

Here is healthcare consumerism explained.

This one shows how insurance works:

And a nice short history of health insurance in the USA

Now it all makes sense!

If you wish to obtain an individual or family quote from Humana along with other competitive health insurance companies visit our website www.missionHSA.com

Scott