Medicare and Health Savings Accounts
America's first MSA (now HSA) enrollment and customer service team analyze Medicare's new Medical Savings Account option that begins in 15 days.
Tampa Bay, FL, November 01, 2006 --(PR.com)-- Insurance Processing Corporation, staying on the cutting edge of health care reform, is pleased to announce to its client base that tax free Medical Savings Accounts (MSA) are finally a new and viable option in Medicare. The Health Insurance Portability and Accountability Act [HIPAA] of 1996 created the Original Pilot Test for MSAs for the Self Employed. The Medicare Modernization Act (MMA) in 2004 introduced enhancements and changed the name of Medical Savings Accounts to Health Savings Accounts (HSA) and made these tax free savings accounts available to all Americans under the age of 65. The Balanced Budget Agreement [BBA] in 1997 created Medicare Plus Choice –the ‘Choice’ being an HMO or an MSA option, however no MSA qualifying coverage was ever made available for seniors to exercise that option until now.
The New 2007 "Medicare and You" booklet available now from the homepage of Medicare.gov, announces on Page 39 that “ Medicare Medical Savings Account Plans may be offered in 2007” It instructs you to visit the website and select ‘Find and Compare Medicare Plans’. More complete info for your particular state can be found by using the search area on their homepage. Type in ‘Save Well’ [the name of a Medicare MSA Product]. One of the results will show [PDF] 2007 MA Landscape Source File 09-29-06 VER4 click on [ More results from www.medicare.gov/medicarereform/mapdpdocs2007/ ]. Scrolling thru the resulting documents will allow you to select your home state to see which insurance companies will offer the tax free MSA product –if at all- in your county. This is a very convoluted approach to finding the information, however no more direct route could be found at this writing. These consumer driven health plans have been a political hotbed from their inception-espoused by Conservatives and rejected by Liberals. One wonders if the 2007 announcement is buried until after the upcoming Mid-term elections.
The St. Louis Dispatch reported on Oct 13, 2006 that “Next year, Medicare will also launch plans with features similar to health savings accounts. Under the plan, Medicare pays for high-deductible insurance coverage and puts money in an account for the Medicare recipient. The money and its earnings accumulate tax-free as long as they're used to buy health care. If the money in the account isn't used, it can rollover to the following year. Medicare recipients would pay more of their initial costs out-of-pocket, but unlike traditional Medicare there would be a cap on their total spending for the year. Medicare said the program would be good for people who already had an HSA in the private market and are familiar with the concept, and those who want more control over health spending or who need protection from catastrophic health expenses.” Dr. Mark McClellan, administrator for the Centers for Medicare and Medicaid Services, the federal agency that oversees the programs stated that “…Since these plans will cap patients' total out-of-pocket costs, they could end up being a better deal for Medicare's sickest patients.”
Other changes to Medicare include means testing Medicare Part B premiums which are deducted from a seniors’ Social Security check. “Having a financial plan and expert advice is even more important with Medicare’s new changes,” says Ron Greiner, Communication Director at Save101.com “Baby Boomers need to plan for their financial future in retirement with ever rising health care costs. Tomorrow’s seniors who have 401k withdrawals added to their retirement income could face higher Medicare Part B premiums. So now, more than ever, it’s time to save in the smartest way, with the tax free deposits, growth and withdrawals that MSAs and HSAs offer-and the sooner the better.” Many families have portable HSA health insurance for less than $200 a month.
The tax free HSA is the centerpiece of both Republican Health Care Reform and President Bush’s 2006 Domestic Agenda of promoting the Ownership Society. IPC has marketed MSAs and subsequently HSAs since their inception as a solution to the rising cost of health care. In response to tax free HSA client demand IPC has launched a new political news and commentary Blog on the tax free movement at TaxFreeHSA.net.
Switch to America’s oldest health insurance company and go tax free at Save101.com.
Save101.com specializes in helping the Self Employed. At present IPC does not service clients over the age of 65 and medical underwriting is required. IPC services clients in the States of NV, NE, KS, KY, IA, MO, IL, LA, IN, MI, PA, FL, WI, and TX.
Mr. Greiner is also an author at Swannblog and Santorumblog, these Red State products promote the election of Lynn Swann and Rick Santorum.
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The New 2007 "Medicare and You" booklet available now from the homepage of Medicare.gov, announces on Page 39 that “ Medicare Medical Savings Account Plans may be offered in 2007” It instructs you to visit the website and select ‘Find and Compare Medicare Plans’. More complete info for your particular state can be found by using the search area on their homepage. Type in ‘Save Well’ [the name of a Medicare MSA Product]. One of the results will show [PDF] 2007 MA Landscape Source File 09-29-06 VER4 click on [ More results from www.medicare.gov/medicarereform/mapdpdocs2007/ ]. Scrolling thru the resulting documents will allow you to select your home state to see which insurance companies will offer the tax free MSA product –if at all- in your county. This is a very convoluted approach to finding the information, however no more direct route could be found at this writing. These consumer driven health plans have been a political hotbed from their inception-espoused by Conservatives and rejected by Liberals. One wonders if the 2007 announcement is buried until after the upcoming Mid-term elections.
The St. Louis Dispatch reported on Oct 13, 2006 that “Next year, Medicare will also launch plans with features similar to health savings accounts. Under the plan, Medicare pays for high-deductible insurance coverage and puts money in an account for the Medicare recipient. The money and its earnings accumulate tax-free as long as they're used to buy health care. If the money in the account isn't used, it can rollover to the following year. Medicare recipients would pay more of their initial costs out-of-pocket, but unlike traditional Medicare there would be a cap on their total spending for the year. Medicare said the program would be good for people who already had an HSA in the private market and are familiar with the concept, and those who want more control over health spending or who need protection from catastrophic health expenses.” Dr. Mark McClellan, administrator for the Centers for Medicare and Medicaid Services, the federal agency that oversees the programs stated that “…Since these plans will cap patients' total out-of-pocket costs, they could end up being a better deal for Medicare's sickest patients.”
Other changes to Medicare include means testing Medicare Part B premiums which are deducted from a seniors’ Social Security check. “Having a financial plan and expert advice is even more important with Medicare’s new changes,” says Ron Greiner, Communication Director at Save101.com “Baby Boomers need to plan for their financial future in retirement with ever rising health care costs. Tomorrow’s seniors who have 401k withdrawals added to their retirement income could face higher Medicare Part B premiums. So now, more than ever, it’s time to save in the smartest way, with the tax free deposits, growth and withdrawals that MSAs and HSAs offer-and the sooner the better.” Many families have portable HSA health insurance for less than $200 a month.
The tax free HSA is the centerpiece of both Republican Health Care Reform and President Bush’s 2006 Domestic Agenda of promoting the Ownership Society. IPC has marketed MSAs and subsequently HSAs since their inception as a solution to the rising cost of health care. In response to tax free HSA client demand IPC has launched a new political news and commentary Blog on the tax free movement at TaxFreeHSA.net.
Switch to America’s oldest health insurance company and go tax free at Save101.com.
Save101.com specializes in helping the Self Employed. At present IPC does not service clients over the age of 65 and medical underwriting is required. IPC services clients in the States of NV, NE, KS, KY, IA, MO, IL, LA, IN, MI, PA, FL, WI, and TX.
Mr. Greiner is also an author at Swannblog and Santorumblog, these Red State products promote the election of Lynn Swann and Rick Santorum.
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Contact
Insurance Processing Corporation
Ron Greiner
727.943.8118
www.save101.com
Ron Greiner
727.943.8118
www.save101.com
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