Ten Years - It's Time - Health Savings Accounts
Save101.com is celebrating 10 years of tax free MSA and HSA enrollments and customer service. January 1, 2007 the Medicare program will offer Medical Savings Accounts as a new option for American seniors. Medicare's MSA option begins 10 years to the day after the original MSA Effective Date of January 1, 1997.
Ron Greiner, Director of Market and Agent Development, was on the 34th floor of the 7-Eleven tower in Dallas ten years ago this month armed with tax free MSA solutions from Senator Rick Santorum (R-PA) as an MSA sales aid. Ron reports, “I explained to the head 7-Eleven executive that Hillary Clinton says the MSA is a tax dodge for the healthy and wealthy. He laughed and said that Jay Leno has never confused the 7-Eleven employees as being considered rich!”
As a part of President Bush’s Ownership Society, the Original Pilot Test of MSAs became a permanent change to the IRS tax code as HSAs [Health Savings Accounts] and became available to all Americans under the age of 65 on January, 1st 2004. The President said, “HSAs have tax free deposits, growth and withdrawals.” Everybody knows that money that is never taxed will last longer in retirement.
Democrats are united in their opposition to the tax free HSA. Democrat Robert Casey Jr., running for US Senate in Pennsylvania, said HSAs don’t work. Fiscal conservatives and others working on a real solution to our healthcare crisis would disagree. America’s oldest health insurance company reported that 44% of all HSA enrollments in 2005 had no previous health insurance. 61% of all HSA enrollees were families with children. These families are enjoying the security of permanent portable health insurance. Not insurance rented from an employer. There is no payroll tax on employer HSA deposits. It’s compensation without taxation. It’s smart when employers and employees work together to cut the IRS out. Individual deposits are an above the line deduction on the IRS 1040.
In Ames Iowa, at his first presidential campaign debate, George W. Bush began his remarks by saying, “I believe in more choices, more options, more freedom in Medicare, including Medical Savings Accounts.” Mission Accomplished! January 1, 2007 seniors will have an MSA option in Medicare. Now Americans arriving at Medicare with or without their own HSA balance will continue to receive deposit into their MSA from Medicare. This is a big change to America’s largest entitlement and is a great step in correcting Medicare’s insolvency. Seniors as consumers choosing where and when to spend their healthcare dollars, brings competition to this huge marketplace and requires transparency and excellence from the providers that serve them.
IPC’s internet presence is Save101.com. They specialize in helping the Self Employed save. Medical underwriting is required. Save101.com serves clients under the age of 65 in the states of FL, NV, NE, IA, IL, MI, OH, KY, PA, LA, IN, and WI.
Save premium, eliminate taxes, build wealth. Switch to America’s oldest health insurance company at Save101.com. The best tax cut is no taxes and it’s TIME for your HSA.
Mr. Greiner is also an author at Swannblog.com in support of Republican Lynn Swann for Governor of Pennsylvania. It’s TIME for a change. Swannblog is a product of Redstate.