Justin Barclay and I had fun on the radio yesterday discussing the unintended consequences of ObamaCare on the Jay Severin show:
TAX TIME! Maximize Your Tax Deductions for 2012
Here are a couple little known tips that could significantly reduce your taxes for 2012:
1. If you are a small business owner with less than 25 full-time employees and you are paying health insurance premiums for your employees, you could be eligible for a TAX CREDIT of up to 35% of the employer portion of premiums paid in 2012.
2. If you were covered by an HSA qualified High Deductible Health Plan (HDHP) on or before December 1st, 2012 then you have until you file your taxes (or April 15th 2013) to contribute to your HSA and get a 2012 tax deduction.
2012 Contribution limits:
Single – $3100
Family – $6250
Catch up contribution (age 55 or older) $1000 per person*
2013 Contribution limits:
Single – $3250
Family – $6450
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 the U.S. Department of Treasury website.
These maximum contributions will not be pro-rated if your HSA qualified health insurance plan (HDHP) was either in force all 12 months of 2012 OR if it was in force by December 1st of 2012 AND remains in force all 2013.
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 pay your eligible expenses 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 20% 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 14 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.
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 nearly $16,000 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.missionHSA.com
N. Scott Borden
Dave Ramsey’s Endorsed Local Provider (ELP)
Health Insurance Director
OFM Benefits Consulting, LLC
6400 Glenwood, Suite 307
Overland Park, KS 66202
913-980-4694 mobile
913-432-2061 fax
http://www.missionHSA.com
TAX TIME! Maximize your Tax Deductions for 2011
Click HERE for latest update
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 2011. Remember, if you were covered by an HSA qualified High Deductible Health Plan (HDHP) on or before December 1st, 2011 then you have until you file your taxes (or April 17th 2012) to finish up your 2011 contributions and get a 2011 tax deduction.
2011 Contribution limits:
Single – $3050
Family – $6150
Catch up contribution (age 55 or older) $1000 per person*
2012 Contribution limits:
Single – $3100
Family – $6250
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 the U.S. Department of Treasury website.
These maximum contributions will not be pro-rated if your HSA qualified health insurance plan (HDHP) was either in force all 12 months of 2011 OR if it was in force by December 1st of 2011 AND remains in force all 2012.
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 pay your eligible expenses 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 20% 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 11 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.
OFM is proud to recommend HSA Bank because of their great combination of low fees, competitive interest rates, and a large number of investment options. With over 400,000 HSA accounts and over $1 billion in HSA deposits, HSA Bank has established themselves as one of the nations leading HSA administrators. They also recently eliminated all setup fees.
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 $15,000 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.missionHSA.com
Scott Borden
Host of “Insurance Talk with Scott & Mike” Saturday mornings 7-8 on KCMO Talk Radio 710
OFM Benefits Consulting, LLC
6400 Glenwood, Suite 307
Overland Park, KS 66202
913-432-2732
913-432-2061 fax
How to SAVE MONEY on Health Insurance – Dave Ramsey
Dave Ramsey’s ELP
As the health insurance Endorsed Local Provider (ELP) for Dave Ramsey here in the Kansas City area I am very pleased to find out just how supportive Dave Ramsey has always been towards Health Savings Accounts (HSAs).
How to SAVE MONEY on Health Insurance
Although HSA qualified plans do work very well for healthy people, HSA qualified plans are the type of plans I want and choose for my family knowing that a catastrophic medical condition could happen at any time.
A typical expensive low deductible copay plan exposes high utilizers not only to the deductible, but also coinsurance (the 80/20 part) and unending copays. This in some cases can add up to thousands more than the initial deductible.
Most HSA qualified High Deductible Health Plans (HDHPs) have one deductible for all inpatient, outpatient, office visits, testing, prescription drugs, surgery expenses, emergency room visits and physician services, and then pay all remaining in-network medical expenses at 100% for the rest of that calendar year. So yes, you do have a larger deductible to begin with. But these plans are the only ones that truly have a maximum out-of-pocket. By the time you calculate the annual premium savings these plans offer and subtract that from the annual deductible, these are the best plans you could own for both healthy and unhealthy situations.
So how much money could you be saving each month? If you are self employed or want to find quotes for you or your family, click here. If you are a business owner or a group administrator and are tired of paying too much for health insurance every month, CALL US! (913) 432-2732 or visit www.missionHSA.com.
TAX TIME! Maximize your Tax Deductions for 2010
Click HERE for latest update
- Take your personal HSA tax deduction on line 25
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 2010. Remember, if you were covered by an HSA qualified High Deductible Health Plan (HDHP) on or before December 1st, 2010 then you have until you file your taxes (or April 15th 2011) to finish up your 2010 contributions and get a 2010 tax deduction.
2010 Contribution limits:
Single – $3050
Family – $6150
Catch up contribution (age 55 or older) $1000 per person*
2011 Contribution limits:
Single – $3050
Family – $6150
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 the U.S. Department of Treasury website.
These maximum contributions will not be pro-rated if your HSA qualified health insurance plan (HDHP) was either in force all 12 months of 2010 OR if it was in force by December 1st of 2010 AND remains in force all 2011.
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 pay your eligible expenses 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 20% 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 10 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, 2010 and haven’t set up your HSA, it’s not too late!
OFM is proud to recommend HSA Bank because of their great combination of low fees, competitive interest rates, and a large number of investment options. With over 350,000 HSA accounts and over $1 billion in HSA deposits, HSA Bank has established themselves as one of the nations leading HSA administrators. They also recently eliminated all setup fees.
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 $13,000 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.missionHSA.com
Scott Borden
Host of “Insurance Talk with Scott & Mike” Saturday mornings 7-8 on KCMO Talk Radio 710
OFM Benefits Consulting, LLC
6400 Glenwood, Suite 307
Overland Park, KS 66202
913-432-2732
913-432-2061 fax
“INSURANCE TALK with Scott & Mike” Saturday morning talk radio show
As most of you know I have been a frequent guest on other talk radio shows for over 3 years now. We (finally) decided it was time to take on a full hour every Saturday morning.Dave Ramsey tells everybody to get an HSA three hours a day five days a week, but people still don’t understand them. As the Endorsed Local Provider (ELP) here in Kansas City for Dave Ramsey listeners we feel education is the key. If people fully understood just how much premium can be saved with an HSA qualified High Deductible Health Plan (HDHP) along with the triple tax advantages only available with an HSA then everybody would want one!
One hour every Saturday morning is a good start…
Be sure to tune in to the live show between 7 and 8 central time Saturday mornings here in Kansas City on KCMO Talk Radio 710 or on the internet at www.710KCMO.com. Feel free to call in to the radio show at 913-576-7710 with specific questions about HSAs, HRAs, FSAs, individual or group health insurance.
Click here to access our podcast page where you can listen to or download our most recent shows.
Here are the podcasts of some of our shows along with a listing of the Business of the Week (BOTW)
InsuranceTalk July 16, 2011 – Introducing new radio show sponsor HSA Bank
InsuranceTalk April 16, 2011 Guest Host – Marcus Hood, BOTW – Dr. Alyssa Zonarich – First Choice Chiropractic, www.DrAlyssaOnline.com
InsuranceTalk April 9, 2011 special guest interview with Judy Brigham and Ken Hunt, www.cityofiola.com
InsuranceTalk April 2, 2011 BOTW – Ed Roche, www.StrategyNewMedia.com
InsuranceTalk March 26, 2011 BOTW – Bob Bonebrake DC bbonebrake@hotmail.com
InsuranceTalk March 19, 2011 Guest Host Marcus Hood www.marcushood.com, BOTW – Andrea Corbin andrea_corbin@sbcglobal.net
InsuranceTalk March 12, 2011 BOTW – Mark Durkin www.mdurkinplanning.com
InsuranceTalk March 5, 2011 BOTW – Marcus Hood OFM Benefits Consulting www.MarcusHood.com
InsuranceTalk February 26, 2011 BOTW – Dr. Steven Johnson DDS sljdds81@gmail.com
InsuranceTalk February 19, 2011 BOTW – Myra Schulze, Summit Insurance Group myra@summitinsurancegroup.com
InsuranceTalk February 12, 2011 BOTW – Jeff Voorhies, Voorhies Cleaning www.voorhiescleaning.com
InsuranceTalk February 5, 2011
BOTW – Shane Jones, The Astra Group www.ASTRAgroup.com
InsuranceTalk January 29, 2011
Guest – Dr. Michael Monaco – www.mdvip.com/Choose-a-doctor/dr-michael-monaco-md-1523.aspx
BOTW – Phil Crafton – Commercial Property Solutions Corp Phil@cps-kc.com
InsuranceTalk January 22, 2011
BOTW – Judy Brigham, City Administrator of Iola, KS www.cityofiola.com/administration.
InsuranceTalk January 15, 2011
BOTW – Lance Tomlin, Results Technology www.ResultsTechnology.com
InsuranceTalk January 8, 2011
BOTW – Brenda Walters, Cornerstone Home Improvement www.chi-kc.com
InsuranceTalk January 1, 2011
BOTW – Cheryl Fromong, Keller Williams Realtor, www.CherylFromong.com
InsuranceTalk December 18, 2010
BOTW – Dr. William Bucher, Bucher Family Dentistry www.bucherdental.com
InsuranceTalk December 11, 2010
BOTW – Dr. Meagan Leahy, Leahy Chiropractic www.leahychiropractic.com
Here is a link to the radio show’s podcast page:
INSURANCE TALK with Scott & Mike
Of course you can call our office at any time (913-432-2732 ext. 1) or visit our website www.missionHSA.com if you want to see just how an HSA qualified health insurance plan would work for you or your business. We look forward to hearing from you!
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
Good Fortune and Self-discipline Help Fund Health Savings Accounts
The Kansas City Star describes 3 people that are having good experiences with their Health Savings Accounts (HSAs):
Read the Article – “Good Fortune and Self-discipline Help Fund Health Savings Accounts”
There are 2 things that still need to be addressed. Let’s call them “pet peeves” that make some people nervous about moving to an HSA…
1. PPO or High Deductible Health Plan
I do not know of any HSA qualified plan available that is not a PPO plan. Every major insurance carrier now offers an HSA qualified plan and therefore their existing PPO networks apply. Many consumers are under the impression that if they switch to an HSA qualified plan, they would no longer get the PPO discounting. This can amount to huge savings.
2. HSAs work only if you are healthy
Since most HSA qualified plans switch to 100% after the deductible is satisfied, the deductible is the full “out-of-pocket maximum”. Traditional co-pay plans will often have co-insurance (80% or 50%) after meeting the deductible and co-pays on top of that. The worst-case scenario can actually cost less for HSA plans than co-pay plans when comparing “out-of-pocket maximums”.
Lastly, despite the resemblence in the above photos, our HSA card holder is a lot easier on the eyes…No offense John.
Scott
What Is An HSA?
A Health Savings Account (HSA) is a tax-deductible account to which you can contribute to save for future medical expenses or to pay for any day-to-day, qualified medical expenses permitted under federal tax law...[More]
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