Law Articles And Legal Issues

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 If the money is not withdrawn, it continues to grow tax-deferred like an IRA.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 But HSAs have an additional tax advantage over IRAs: if the money is withdrawn to pay for qualified medical expenses, taxes never need to be paid on those funds.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.

About HSA for America

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.

###

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-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   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-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

Other Law Sites
Search The Internet For Other Law Sites

Law Books
Search For Law Books At FindaBook.com

A Comprehensive Law Firm Search
In a civilize society like ours, one of the major factors that dictates how an individual should act and perform his dealings is what we call law. This set of principles and rules aims to maintain justice, peace and order, equality and wellbeing of the people.

Lyme Disease Patients Denied Treatment Following New 2006 IDSA Guidelines: Connecticut Attorney General Launches Anti-Trust Investigation
Connecticut State Attorney General, Richard Blumenthal, files a Civil Investigative Demand (CID) in an unprecedented move following the October 2006 release of the Infectious Diseases Society of America (IDSA) Lyme Disease Treatment Guidelines that are already being used to deny Lyme disease patient care. Under the new IDSA Guidelines, treatment is significantly more restrictive despite an extensive body of medical research that clearly documents persistent chronic Lyme disease and the benefits of long-term Lyme treatment. The new IDSA Guidelines are being used as the basis to deny medical care by physicians and deny insurance coverage for treatment. A Lyme Rights Protest against the new IDSA Guidelines is scheduled for Thursday November...

Crucial Points in finding the Suitable Los Angeles Litigation Lawyer
If you have a legal matter that has progressed into a lawsuit and needs to be tried in court for resolution, then you need a litigation lawyer to stand as representative of your case. If you are from the Los Angeles County then you have to engage the services of a litigation lawyer that is knowledgeable with the local and state laws governing the legal situation you are personally confronting.

Encino Personal Injury Attorney: Assessment, Law and Legal Help
Motorcyclist dies after crashing into bridge, a familiar event that is not novel in our society today. The introduction may appear bluntly shocking, but it is not!

SimmonsCooper Law Firm Unveils Mesothelioma Video Library For Education & Support
SimmonsCooper -- one of the nation's leading supporters of mesothelioma cancer research -- has created a comprehensive video website featuring interviews with mesothelioma medical experts, patients and family members affected by mesothelioma, a rare cancer diagnosed in nearly 3,000 people every year.

Injured In Boston? You May Need An Attorney
Have you been injured in the Boston area? If so then you may need a Boston personal injury attorney. Accidents and mishaps are simply part of life, but still there is frequently someone legally responsible and the injured should be recompensed for the injury. Few individuals truly understand what a personal injury lawyer can do for them. Because of this it is important to understand about personal injury law and know when you might need a Boston personal injury attorney.

Historic Move by CT Attorney General to Investigate IDSA Guidelines Process Gives Hope to Thousands of Lyme Disease Patients
The Lyme Disease Association (LDA), representing more Lyme disease patients than any organization in the United States, applauds Connecticut State Attorney General Richard Blumenthal for beginning an investigation into the Infectious Diseases Society of America (IDSA) Lyme disease guidelines development process. The Attorney General's office filed a Civil Investigative Demand (CID) to look into possible anti-trust violations by the IDSA in connection with exclusionary conduct and monopolization in the development of the Lyme guidelines.

MORAL ARMOR Condemns Home and Business Seizure Law
Nothing could be more alarming for Americans than what I read this morning: "The Supreme Court on Thursday ruled that local governments may seize people's homes and businesses — even against their will — for private economic development." This is a deplorable moral atrocity to perpetrate against Americans and must be reversed.

CCH CompleteTax Offers Best Value for Online Tax Preparation and E-Filing for Do-It-Yourself Taxpayers
Easy-to-use, low-cost solution supported by top-notch expertise. Special support for those claiming state and local sales tax, higher education or educator deductions.

Income Taxes Due: Can You Guess How 78 Kids and 14 Dogs Celebrated Tax Day?
On April 14, 2008, 78 kids and 14 dogs, clad in patriotic costumes, rewarded tax payers with flag stickers, jelly beans, and star-spangled coins, for getting their taxes filed before the April 15 deadline. Clowns, jugglers, balloon twisting artists, Uncle and Aunty Sam stilt walkers joined the festivities. Events took place throughout New York City and Los Angeles, California.

Hailing a Taxi Accident Attorney
Despite the growing car culture in the United States and other parts of the world, taxi remains one of the most convenient ways to move back and forth for the majority of commuters.

CalBizCentral Announces Booklets to Help Businesses Navigate State, Federal Employment Laws, Reduce Legal Risk
CalChamber's CalBizCentral 'What Every Manager Needs to Know About' series provides training managers need to comply with confusing laws.

Massachusetts Historic Tax Credits Facilitates Rehabilitation of 1910 Building
Bob Dorfman, president of Dorfman Capital, announced the completion of a 20% Massachusetts historic rehabilitation tax credit sale associated with the rehabilitation of The Goldberg Building formerly the Arkus Pharmacy Building, 97-103 Water Street, in Worcester, MA. The building, originally built in 1910, has been fully restored into an office and retail building, which serves as the headquarters of the Worcester Magazine and the Greater Worcester Land Trust as well as the location of the restaurant, Jose Murphy's.

Small Business Tax Deductions for Year End 2004
As a small business owner, it's wise to familiarize yourself with some key deductions that may reduce your tax bill for 2004.Employee Benefit Plans - You may deduct contributions to employee benefit plans (such as health insurance plans and retirement plans).