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Bush's ins plan at our house--ouch!
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<blockquote data-quote="flutterbee" data-source="post: 40360"><p>Terry,</p><p></p><p>For your husband's employees, the money they choose to contribute to their HSA (Health Savings Account) is deducted from their paychecks pre-tax. It is then deposited into a checking account with a debit card and checks. Receipts need to be kept for all money spent out of the account in case of an audit. I don't know how this works for you as the business owner. I guess it depends on of his practice is an S-corp and he draws a paycheck or if he's a sole-practitioner or partnership. You do get to roll the money over every year and you can also use it for qualified OTC drugs. I believe you only get to roll it over into another account at retirement. If you use the money in the account for non-qualified expenses before a certain age (I think it's 65), you are dinged 10%. After that age you can use the money for whatever you want without being dinged.</p><p></p><p>Here is a link that provides just about all the information you need: </p><p></p><p> <a href="http://www.ustreas.gov/offices/public-affairs/hsa/" target="_blank">http://www.ustreas.gov/offices/public-affairs/hsa/</a> </p><p></p><p>It's pretty much agreed by all the experts that it's really only a good plan for those that are healthy and don't have a lot of medical expenses. It does provide a more inexpensive alternative to those that don't have a lot of medical expenses. My feelings on our current administration aside, it does provide another option in health insurance. </p><p></p><p>If it's not an HSA which is employee contributed funds, it may be another type which pretty much has the same rules (except for the employee having money deducted from their paycheck) but the employer contributes the funds - that one is called an HRA (Health Reimbursement Account). Here is some info on that:</p><p></p><p> <a href="http://www.irs.gov/publications/p969/ar02.html" target="_blank">http://www.irs.gov/publications/p969/ar02.html</a> </p><p></p><p>The upside to an HRA is that the money is not included in gross income for tax purposes and once the yearly deductible is met, generally medical expenses are covered at 100%.</p></blockquote><p></p>
[QUOTE="flutterbee, post: 40360"] Terry, For your husband's employees, the money they choose to contribute to their HSA (Health Savings Account) is deducted from their paychecks pre-tax. It is then deposited into a checking account with a debit card and checks. Receipts need to be kept for all money spent out of the account in case of an audit. I don't know how this works for you as the business owner. I guess it depends on of his practice is an S-corp and he draws a paycheck or if he's a sole-practitioner or partnership. You do get to roll the money over every year and you can also use it for qualified OTC drugs. I believe you only get to roll it over into another account at retirement. If you use the money in the account for non-qualified expenses before a certain age (I think it's 65), you are dinged 10%. After that age you can use the money for whatever you want without being dinged. Here is a link that provides just about all the information you need: [url="http://www.ustreas.gov/offices/public-affairs/hsa/"]http://www.ustreas.gov/offices/public-affairs/hsa/[/url] It's pretty much agreed by all the experts that it's really only a good plan for those that are healthy and don't have a lot of medical expenses. It does provide a more inexpensive alternative to those that don't have a lot of medical expenses. My feelings on our current administration aside, it does provide another option in health insurance. If it's not an HSA which is employee contributed funds, it may be another type which pretty much has the same rules (except for the employee having money deducted from their paycheck) but the employer contributes the funds - that one is called an HRA (Health Reimbursement Account). Here is some info on that: [url="http://www.irs.gov/publications/p969/ar02.html"]http://www.irs.gov/publications/p969/ar02.html[/url] The upside to an HRA is that the money is not included in gross income for tax purposes and once the yearly deductible is met, generally medical expenses are covered at 100%. [/QUOTE]
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Bush's ins plan at our house--ouch!
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