ObamaCare has been ruled Constitutional… NOW WHAT?

Regardless of how SCOTUS arrived at its decision, ObamaCare (Patient Protection & Affordable Care Act) is now the law of the land.

I was interviewed this morning on The KCMO Morning Show with Greg Knapp.  He asked me what ObamaCare will do to our current insurance plans:

Click HERE to listen to the interview

Greg Knapp and Scott Borden

We discussed several of the mandates that will raise health insurance premiums such as guaranteed issue and the rarely mentioned time bomb known as the 3:1 Ratio. If only young people understood how ObamaCare will significantly increase their health insurance premiums, maybe they won’t be as eager to support Obama like 68% of them did in ’08.

There is still a chance to overturn the largest tax increase and re-distribution legislation in the history of our country.  Your chance will come November 6th.

Democrats vote November 7th.

(UPDATE: Read ObamaCare vs. Health Savings Accounts article published in Ingram’s Magazine September, 2012)

Is TurboTax Calculating Your HSA Contribution Properly?

UPDATED January 3, 2013 for 2012 tax year

Click for TurboTax HSA information

During tax season, our HSA clients are normally happy with their tax savings.  Unfortunately many TurboTax users are not seeing the savings they have in the past. There is another form (f8889) that TurboTax requires you to complete before your contribution and tax savings will be calculated properly.

If you were covered by an HSA-qualified HDHP effective prior to December 1st, 2012, you could be eligible to contribute up to $3100 per individual or up to $6250 for any family unit for tax year 2012.  If you were 55 or older in 2012 then you are also eligible for the $1000 catch-up contribution. If you haven’t set up your HSA account yet, it’s not too late. We recommend HSA Bank because of their expertise and no setup fee.

In order to get this deduction you have to have your 2012 contributions in prior to April 15, 2013.  These contributions are tax-deductible, similar to an IRA.  If your taxes are calculated properly this can amount to a tremendous savings.

Here are a few HSA-related help topics from the TurboTax website.

  • HSA Contribution Calculator