Tax-free IRA Rollover Increases Demand for Health Savings Accounts - Articles & News About Health
Stop Parking Domain NamesDevelop Your Domain Names
Tax-free IRA Rollover Increases Demand for Health Savings Accounts
Fort Collins, CO (PRWeb) December 19, 2006 -- The recently passed "Tax Relief and Health Care Act of 2006" has several provisions that make it easier to open and fund an HSA, including the option of a one-time tax-free rollover from an IRA into the HSA. This change has already caused a great increase in interest among the self-employed and other individuals who purchase their own health insurance, according to leading health insurance broker HSA for America.
"We''re getting a tremendous number of inquiries from people who want to know how they can fund their account with money from their IRA," said HSA for America President Wiley Long. "HSA-qualified health insurance plans have high deductibles of $1,100 or more. By doing a tax-free rollover from their IRA, individuals can immediately fund their account so that the deductible can be covered 100%. That basically removes the risk of going with a high-deductible plan."
Health savings accounts are special tax-favored savings accounts that anyone with a qualified high-deductible health insurance plan can open and fund. Any money put in the account is tax deductible, and can be used tax-free to pay for future medical expenses. If the money is not withdrawn, it continues to grow tax-deferred like an IRA. HSAs first became available in January 2004, and today nearly five million people are covered by an HSA-qualified health insurance plan.
"HSA plans have much lower premiums than traditional co-pay plans, but they do have a higher deductible. Medical expenses that someone incurs before they meet their deductible can be paid for from the HSA, but if they''ve just opened their HSA they may not have had enough time to accumulate much money in it. The tax-free IRA rollover solves that problem," said Long. "I expect that by sometime in 2007 sales of HSA plans will eclipse co-pay plans as the preferred type of health insurance among individuals purchasing their own plans."
Both IRAs and HSAs are special tax-favored accounts that can be funded with tax-free money, and that grow tax-deferred. But HSAs have an additional tax advantage over IRAs: if the money is withdrawn to pay for qualified medical expenses, taxes never need to be paid on those funds. This makes HSAs a much preferred way to save for future medical expenses, according to Long.
"According to Fidelity Investments, the average couple retiring in 2006 will need $200,000 to cover medical expenses, not even counting dental, over-the-counter medications, or long-term care. And that amount is going up every year. Those who have an HSA could have thousands of additional dollars available to them to cover these expenses in their retirement years."
To help people who are buying their own health insurance understand these changes, HSA for America is hosting weekly teleseminars throughout the rest of 2006. "If someone can get their coverage in place before December 31, they can lock in 2006 rates for the next 6 - 24 months."
The teleseminar is offered to registered participants at no charge. For more information on the teleseminar and how to sign up, please visit our Health Savings Account Teleseminar page.
HSA for America is the nation''s leading independent health insurance firm specializing in individual and family coverage that works with a Health Savings Account. Through our comprehensive website we offer complete information on HSAs and qualifying health insurance plans. We offer instant quotes, online health insurance applications, and access to several banks that can act as an HSA administrator for your account.
This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
findabook.com moneycd.info a-mortgage.info
about-lemon-laws.info aboutstudentloans.infoall-about-publishing.info auctions-articles.info bestcollege-university.com bestispconnection.com biblefolder.com blogger-website.com books-used.info brokers-guide.info buywindows.info cable-dsl.info
career-miner.com carpel-tunnel.info cashinaflash.info cashloanreviews.info casinobell.com chat-house.info
clearmycredit.info collegeloantips.info crones.info depression-articles.info
financewizz.com fire-insurance.info getgood.info handleit.net
it-idea.infohealth-supplies.info hosting-right.com insidealert.com insurance-facts.info jobs-employment.info justgood.info lookgold.net
lowcost-travel.info money-source.info myhostzone.info numisblog.com
peoplesearchfinder.info pr-articles.info realeas.com
refinancing-guides.info spyware-remove.info telelot.info the-law.info
toppaid.info travel-deals.info travelcorrect.com wedding-guide-site.com your-blog.info your-credit.info
Florida Health Insurance Highlights 2008 Presidential Health Care Plans
FloridaHealthInsuranceWeb.com, a health insurance consultant service, has published a non-partisan report of each of presidential candidates positions on healthcare. ''The upcoming elections will impact Florida''s health care system'' said consultant Morgan Moran in a phone interview, ''it''s up to you as Florida residents to turn out January 29 and choose which candidate delivers the best insurance plan''.
A Diet Primer For Health Food And Vitamins
Quite often, we want to eat healthier but don?t know exactly how to start. Sometimes food you think might be good may in fact not be right for you, and vice-versa. This article looks at some simple diet changes you can start to make right away that will improve your overall health.
New Health Website Provides Health Tips About Alternative Natural Health Care
Summary: In answer to the need for helpful information on alternative natural health care a new site, http://www.youralternativehealthnetwork.org has been launched. The site provides quality information regarding alternative health issues and is the brainchild of Mike Hepburn.
Doctor-led Health Care Organization Offers Free Web site, Membership to Mental Health Counselors
The International Assoc. of Dental and Medical Disciplines has a health care plan that brings together all medical disciplines and calls for them to work together to provide the best possible whole-body care.
Hormel Health Labs Launches Health Food Website for Seniors
For the seven million elderly Americans receiving home-based medical care, staying healthy just became easier. Hormel Health Labs, one of the nation''s leading providers of nutritional products geared towards seniors, has announced the launch of its new ecommerce website, www.homecarenutrition.com . The new site makes it easy for caregivers to order essential, healthy products to improve the lives of their loved ones.
Vitamin Diet Patch Now Available for Health Food Stores from NAZCO Wholesale Herbal Supplement Dropshipper
Health food supplement diet patches are a blend of herbal nutrients, offering safe and effective weight loss diet application like a nicotine diet patch. The supplements diet patch allows the herbal formula on the diet patch to enter directly into the bloodstream, suppressing appetite between meals while providing weight loss, diabetes and chronic fatigue relief support and increased energy level on the go.
Health Care - If You Love Health Care
All about Health Care: Intended For Individuals
Men''s Prostate Health Vitamins - Supplements, Diet and Exercise For Good Health
This article is about prostate health vitamins or supplements used in conjunction with proper diet and regular exercise to keep a man''s urinary system and sexual functions healthy.
Health Care Proxies, Advanced Health Care Directives, And Living Wills
Any competent adult has the right to accept and/or refuse any medical treatment. Nobody disputes that. Doctors are only allowed to tell patients the pros and cons of treatment, they can offer advice, they can not order a patient to accept treatment. Problems start when the adult can no longer communicate or is no longer considered mentally competent enough to make their own decisions. When this happens other people step in and try to decide what type of medical treatment the person would want for themselves.
St. George Complimentary Alternative Health Care Offers Free Wellness Scans During Focus on Nutrition Month
The desire to get healthy and stay healthy is the primary reason more and more people are turning to natural health care, or complementary and alternative medicine, according to this St. George Hinkle practices alternative medicine utilizing personalized biofeedback using ZYTO technology, nutraceutical assessments, medical foods, bio-identical hormone evaluation, chelation, lifestyle changes, and body composition analysis.
World Health Care Congress Launches ReformPlans.com to Encourage and Focus Health Care Reform Discussion
The World Health Care Congress today announced the launch of ReformPlans.com (www.reformplans.com), an innovative and comprehensive web site that brings the real issues in health care reform to a broader audience.
The PIE Diet - Mental Health Food
"The PIE Diet - Mental Health Food" reveals an award-winning program for individual growth, which has previously been available only to the corporate world. It outlines necessary action-steps to make the "law of attraction" work for, and not against, individuals and corporations. Contained is a easy step-by-step process for conditioning the subconscious mind to both envision and enable control of who we are, what we do, and what we desire to achieve with our lives.
Texas Health Insurance ý Managed Care Health Plans
Managed care health plans work as a network or group of medical professionals and hospitals that are contracted with the health plan This helps insurance companies and health care providers work together to give patients the care they need
Health Care and Health Insurance Costs Can Be Controlled Through Lifestyle Choices
As you probably know all to well, the cost of healthcare and health insurance premiums continue to increase at levels substantially above the general inflation rate. The reasons given for these extraordinary cost increases are numerous and include: technological advancements in the medical field, increased demand for medical services and prescription drugs, the aging of the population, cost shifting caused by the uninsured and governmental reimbursement rates, state and federal mandates, and costs associated with medical related lawsuits.
Health Insurance, Health Care Issues Now Top Rated Topics for Radio Listeners According to Arbitron
The Health Insurance Advocate Show, With Cary Hall, Achieves One Year Ratings Increase of 119 Percent in Western Missouri, Eastern Kansas Market and 576 Percent in Wichita, Kansas, Market By Delivering Clarity and Eliminating Confusion