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Hsa Insurance Premiums Tax Deductible Question & Answers

2014 April 17
by Sarah Fields

Ruth asks…

Should our citizens health be subject to market forces?

Since we don’t choose to get sick or hurt, why should capitalist free markets be involved.

It’s really ethically wrong to profit from other’s suffering.

Why is the free market capitalism still involved with keeping our citizens physically well?

Sarah Fields answers:

Please know that I am assuming you are an ADULT. I have ZERO tolerance for self-inflicted stupidity, so please read my answer in the spirit of friendly vicious sarcasm with a strong dose of TRUTH, ok? If you are like a kid, I’m sorry.

Your 1st Question: They’re not. Your hypothesized correlation is invalid, though if you are relying on liberally distorted data, that c*ckeyed nonsense makes sense. I’m going to set you straight and don’t take my word for everything, eventhough I am correct…PLEASE DO YOUR OWN INDEPENDENT DOCUMENTATION:

A primary reason for rising health care costs is that most doctors and patients are still spending “other people’s money” when it comes to health care.

Here are the problems & solutions:

I) Allow Health Insurance to Be Sold Across State Lines – under current archaic 1945 legislation the process for companies to do this is astronomically expensive and WE ARE PAYING FOR IT as taxpayers & consumers.

II) Make All Health Insurance Premiums Tax Deductible – this simple change to the tax code would literally level the playing field overnight for Americans whether they are employed, self-employed or unemployed. It would bring premium costs down between 25%-50%!

III) Make all Health care Providers and Especially Pharmaceutical Companies Disclose their Prices and all discounts given off these prices. Gee, what a novel concept: A competitive market will help hold prices down.

IV) Allow International Competition for Pharmaceuticals in the USA – again a no-brainer for so many reasons; FDA approved foreign drugs, wow, what a concept…our prescription costs would look like the inexpensive ones in Canada.

V) Protect Bankrupt Families from 200 to 500 Percent Medical Bills – part of the code needs to be amended which concerns the preclusions of Medical Expenses & Credit Card Expenses (as they MAY relate to medical expenses).

VI) End Federal Lifetime Health Benefits for Congressmen, Senators, and Government Officials – how can these elected people objectively help us WE THE PEOPLE if they have no stake in the very system they are attempting to legislate for us? WTF!?

VII) Allow the continued expansion of HSA’s & High Deductible Health Insurance Plans which are already having a dramatic effect in lowering health plan costs along with the other 8 agenda items.

VIII) Allow Tort Reform. All the ‘ambulance chasers’ have left California & Texas since the states passed a cap on Medical Malpractice Awards at $250,000. They’re plying their trade in states that haven’t acted yet.

IX) The Congress Has No Constitutional Authority to Legislate & Vote on Health Care. Article I, Section 8 lists the Congress’s 18 enumerated authorities…Health Care is not one of them. As well neither the ‘General Welfare’ provision nor the ‘Commerce & Trade’ provision are applicable as this was confirmed in the Federalist Papers & Essays & several times by the Supreme Court of the United States. Congress is usurping authority not granted to it. Under the 9th and 10th Amendments of the US Constitution, Congress should be ordered by the citizens of the USA to cease and desist addressing the Health care legislation.

2nd Question: Look unrealistic idealist, if it’s not already obvious by the solutions listed above, allow me to lay it down succinctly: It’s not the “capitalist free markets” that are the problem as we don’t have those in Health Care presently in the USA. THE FEDERAL GOVERNMENT IS F*CKING US OVER WITH SOME BAD LEGISLATION THEY REFUSE TO GET RID OF AND THEY WON’T AMEND THE TAX CODE. FEDERAL GOVERNMENT INTRUSION IN A FREE MARKET IS BAAAAAAAAAAAD!!!!!

YOUR STATEMENT RE: “PROFIT”: No, it isn’t. WTF is wrong with you?! Define profit before you go making an idiotic statement like that. For example, why shouldn’t a Dr. Be compensated for giving you a lobotomy as you obviously need one to save your life? How is that Dr. Supposed to pay his mortgage, feed his family and MAKE CHARITABLE CONTRIBUTIONS TO NON-PROFIT ORGANIZATIONS TO HELP THE MENTALLY LOBOTOMIZED or DISABLED. I’m certainly not going to force my other hardworking neighbor to pay for your lobotomy if you can’t afford it.

3rd Question: You’re killing me, seriously. Once again your hypothesized correlation is invalid. REMOVE THE EXPENSIVE FEDERAL GOVERNMENT MISTAKES AND FREE-MARKET CAPITALISM WILL DO WHAT IT HAS ALWAYS DONE IN THIS NATION: ALLOW THE EVER EVOLVING DEVELOPMENT & PROLIFERATION OF THE BEST SERVICES AT THE BEST PRICES.

Now, go read your U.S. Constitution, all of the Federalist Papers and at least one journal of the Founding Fathers, let’s say “The Real Thomas Jefferson”. After you do that, I want you to start INDEPENDENTLY RESEARCHING ALL CURRENT DOMESTIC ISSUES WITHOUT USING ANY MAINSTREAM MEDIA, LIBERALLY OWNED RESOURCES or LIBERAL or REPUBLICAN POLITICAL WEBSITES….CAN YOU DO THAT? Then I want you to come to a U.S. Senator’s Government Health Care Town Hall meeting with me for a REAL EDUCATION.

Looking forward to it!

Peace, out
__________
_____
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Donna asks…

If your health care begins on 01-01-14 and did not have any in 2013 do you still get Obamacare penalty?

If you are eligible for health care from your employer and choose not to sign up for it there is a penalty fee. I am young and felt like I have no need for insurance, but I would rather have insurance then pay a fee at tax time next year. My company only does yearly enrollments I get to sign up at the end of this year. My insurance will kick it on the Jan 1st 2014. So I will have my insurance on 2014 not “by” 2014.

Sarah Fields answers:

The Direct answer is No:
The Individual mandate, and Shared Penalty will begin in 2015 for the 2014 tax year. The Health Insurance exchange will open on October 1, 2013. This is for plans that will begin on January 1, 2014.
The charge and health insurance tax will be based on income, and house hold earnings. I have listed in the reference source a link to our online tax calculator to determine what your penalty would be if you choose not get health insurance.

Additionally if you are young, and healthy consider a Higher Deductible Insurance Plan (HDIP), such as an HSA. (Health Savings Plan) If your company provides one. This will allow you to put the insurance premium you pay as well as your company’s contribution into a third party savings plan. The money is saved up and you use it for medical purposes, Your deductible would be much higher if you did need to go to the doctor, but not as high as it would be if you where completely uninsured. If you leave your company you get to take it with you. This avoids the loss of paying for Health Insurance you will not use, in addition to covering you if an emergency happens. Lastly if you do this for the next 5 years by the time you are married and have a family and really need good health insurance you can potentially have thousands of dollars saved for Medical Needs.

Carol asks…

Anyone have any great health insurance policies?

I need a family plan, am relatively healthy but need prescriptions.

Sarah Fields answers:

The idea of a “Great” plan will differ with every person you like, I can give you some ideas on what is available and I hope this helps. First let me start by sayiing the fact that you need prescriptions may or may not affect you qualifying for a plan, please consult with a qualified Health Insurance Agent in your area, or a Health Insurance Company in your state.
Plans and what is available in the USA:
PPO (Preferred Provider Organization) This type of plan is most popular, whereas you can visit physicians and medical professionals, hospitals ET that are within the network and receive services at pre-negotiated rates. This type of plan will offer Deductibles, Co-Insurance, Co-pays. You will only pay for services if needed, or as you go along. The advantage with a PPO is that they allow you to visit thousands of different doctors, the Disadvantage is that you must pay deductibles, co-insurance, copays- which can cost you thousands if you actually use the plan.
HMO (health maintence organization) with this type of plan you pre-pay for medical needs. You will pick one physician as your primary care physician and see her/him for all your medical needs. They include Co-pays, and some now include deductibles for hospitalization. Advantages, excellent for someone who wants to use lots of services -little or no out of pocket costs for medical services. Disadvantages, Primary care physicians can be very busy and you will be locked in, referrals must come from the primary care physician.
HSA (Health SAvings Accounts) these are the newest type of plans, called “Consumer Driven Healthcare” perfect for anyone self employed and healthy. They have High Deductibles, the consumer will pay for all medical needs up to deductible, and can open a HSA account at a financial institution in order to save money (fed. Tax free)!! To pay toward his/her deductible. I personally have this type of plan, these are the fastest growing types of plans in USA. Advantages, Low premiums, Tax savings are wonderful, long term savings can benefit your retirement account. Disadvantages, with no HSA account funded the consumer could pay a high deductible for medical needs.

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