I guess this is why they call them “Cadillac” health insurance plans… they cost about as much!

Unfortunately Massachusetts passed healthcare reform back in 2006 that is eerily similar to Obamacare 2010. The huge premium increases necessary to cover these madate laden policies is causing a new set of problems in Massachusetts.

It looks like many Massachusetts municipalities are paying extremely high health insurance premiums. Some of these “Cadillac” plans cost over $40,000 per year! Everything over $27,500 is going to be subject to additional taxes which will result in…. EVEN HIGHER PREMIUMS!

Here is a link to three Cadillac models you can purchase for under $40,000. At least you can take a few years to pay off a Caddy…

Buy a brand new Cadillac for less than some people pay for health insurance every year!

Since government regulations such as guaranteed issue have made health insurance so affordable in Massachusetts, why don’t we have Washington pass similar legislation for our whole country?

Oh wait…

Health Savings Accounts survive Obamacare!

I thought Obamacare would have HSAs targeted to go the way of the dinosaur, but (thankfully) I was wrong!

Click on my tailgate to read ObamaCare vs HSAs

Since everyone will be required by penalty of law to purchase health insurance, the lower cost premiums associated with HSA qualified High Deductible Health Plans are poised to be more popular than ever! 

Yes, there had to be a couple small changes to HSAs such as not allowing over-the-counter medications to be tax deductible (also applies to Flexible Savings Accounts) and the penalty for withdrawals for non-eligible expenses will go up to 20% (currently 10%). Neither of these are enough to deter anyone from the amazing triple tax advantages only available with Health Savings Accounts.

And I was worried I was going to have to change my tailgate…

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

  • HSA Contribution Calculator