House Republicans “Ironically” Plan To Strip States Of Resources Needed To Create New Private Health Insurance Marketplaces
Posted on May 5th, 2011
This week, House Republicans plan to vote on a bill (H.R. 1213) to take from states the grants they can use to establish “exchanges,” new state-based marketplaces authorized by the Affordable Care Act, that will enable consumers and small businesses to select the private health insurance plans they want. The following is the statement of Ron Pollack, Executive Director of the consumer health organization Families USA, about this development:
“House Republicans rhetorically exalt the private health insurance marketplace. They ironically, however, plan to defund the creation of such state marketplaces that would enable consumers and small businesses to choose the private health plans they want. Full Post…
Tags: House Republicans, New
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Is A Health Savings Account The Same As A 501(c)3?
Posted on May 4th, 2011
If you are wondering if Health Savings Accounts are the same as 501(c)3 corporations, then the answer is no. A 501(c)3 corporation is a tax-exempt organization formed for the purpose of educational or charitable activities. Health Savings Accounts, on the other hand, are simply a tax-advantaged way of saving money when it comes to paying for future medical bills.
A Health Savings Account basically helps reduce your income taxes – both federal and almost always state taxes. Contributions placed in your HSA are tax-deferred and withdrawals are tax-free when used to pay for qualified medical expenses. A 20-percent penalty may apply if you use the money for other purposes.
Tags: Health Savings, Health Savings Account, Same, Savings Account
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Health Savings Account Tax Tip
Posted on April 30th, 2011
Although Health Savings Accounts have been around since 2004, many people are still missing out on the tax savings they offer because they don’t understand how a Health Savings Account (HSA) works.
HSA Plans are really simple. They’re so easy to use that you don’t even need to itemize deductions to take advantage of their savings when you file your taxes.
Kathy Pickering of H&R Block says, “You put your money into the Health Savings Account tax free, and then it grows tax free.
Tags: Health Savings, Health Savings Account, Savings Account, Tax
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Even Families With Insurance Put Off Or Go Without Care Because ‘It Costs Too Much To Be Healthy’
Posted on April 29th, 2011
The high cost of health care is deterring parents from taking their children to the doctor or buying prescription medication, regardless of how much money they make or whether they have health insurance, according to a study to be presented Sunday, May 2, at the Pediatric Academic Societies (PAS) annual meeting in Denver.
Previous research has shown that families who have difficulty paying their medical bills may delay or forgo needed care. In this study, researchers sought to determine factors that affect families’ decisions to put off or go without care, including the cost of health care relative to a family’s income and having a child with a physical, social, behavioral or cognitive limitation such as asthma, autism or obesity. Full Post…
Tags: Care, Care Costs
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Health Reform To Make Health Insurance Affordable For Nearly All Families
Posted on April 25th, 2011
Ninety percent of American families living above the federal poverty level will be able to afford health insurance under the Affordable Care Act, according to a new Commonwealth Fund report by Jonathan Gruber and Ian Perry of the Massachusetts Institute of Technology (MIT). The report finds that new subsidies available through health insurance exchanges established under the law will make premiums affordable for most families. But the authors also warn that high out-of-pocket costs will likely mean some families will still be unable to afford health-related expenses. Full Post…
Health Savings Accounts Are Now Available To Public Employees
Posted on April 24th, 2011
Over the years, Health Savings Account plans were never offered to public employees. With the recently passed legislation, a health savings account option with a qualified high-deductible HSA health plan is now available to public employees, too. This law allows state workers to have more control over their health care costs and their savings.
To be used with an HSA, health insurance must have an annual deductible of at least $1,200 for individuals and annual out-of-the-pocket expenses are limited to $5,950. Like most high-deductible HSA plans, these policies are considerably less expensive than most co-pay plans. In addition to a way to save on health insurance premiums, HSA plans offer another advantage.
Tags: Employees, Health Savings, Public Employees
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Study Finds High-Deductible Health Plans Pose No Special Risks To The Medically Vulnerable
Posted on April 20th, 2011
People who are medically vulnerable – those with low incomes or chronic health problems – who enroll in high-deductible health plans are at no more risk for cutting back on needed health care than other people who enroll in the plans, according to a new RAND Corporation study.
The findings, from the largest national study to examine the affects of high-deductible health plans, contradicts some of the earlier small studies that found medically vulnerable individuals cut back more than other people enrolled in the health plans.
The project examined the first-year experiences of more than 360,000 families nationwide who enrolled in high-deductible health plans offered by their employers from 2003 to 2007. Full Post…
Tags: Health Plans, Medically Vulnerable, Vulnerable
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