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SOLE PROPRIETOR'S/ ONE PERSON GROUP
You can have access to an HMO, PPO, etc then you can add an HSA - Health Savings Account to your plan. This will provide you with tax benifets that use to be for employees that where employed by Fortune 500 companies. You can now have a triple tax free/defered way to accumulate your money.
You are your own Boss. Benefit from your independence. Find out how you can be part of the Consumer Driven Health Plan.
Depending on your age and ability to save you may be able to save over a quarter of a million dollars inside of your HSA for current and future medical expenses. That is $250,000 + for medical expenses that does not need to be withdrawn from an IRA or qualified pension. Please review your HSA's plan description to understand about early withdrawals and withdrawals after retirement age.
To state it clearly HSAs require an individual to use their own money, or money set aside (it is all your money that you are setting aside tax deductible and deferred for yourself & your family by the employer (you) for the individual use to pay for medical expenses, from a HDHP - being a fairly substantial deductible. While substancilly lowering your health insurance premium possible enouff to pay for the savings part of this plan.
The HSA is another savings vehicle for you. It has been nick named a medical IRA. Yes it is your money for you and your families medical needs. For now and the future.
Have you ever wondered how am I going to be taken care of in the future? Or I've always taken care of myself ,will things change down the road? Will Social Security be there for me? Your money in your bank account makes all the difference in addressing that concern.
This savings account allows you to start addressing concerns like that right now. The HSA allows you to answer that question at any age. Young, in the prime of your life or close to retirement? You can find out how it does this by contacting us now!
Insurance coverage is as traditional major medical. These high - deductible are less costly/premium per covered person than traditional insurance. This allows you to use the premium savings to fully or parshly fund your HSA (Health Savings Account).
- Now you can start or continue a Tax Deductible and Tax Deferred Savings Account. Through a High Deductible Health Plan HDHP.
- You can purchase health insurance even though you do not have any employees. *You choose the insurance carrier.
- Please review the High-Deductible & HSA features.
- Often the HSA is called "The Major Medical - IRA".
*The insurance carrier must be marketing their health plan and HSA to Sole Proprietorships.
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Please review any plan with your CPA.
- Your insurance deductible is your choice. Your contribution is,
The lesser of
- $2,850 for individuals for 2007
- OR your deductible. Many High Deductibles to chose from.
- $5,650 for families. Healthy familes want a very high deductible because now you can save that amount of money.
- Of course if and when you or your family uses money its gone.
- 2008 Contribution Limits Set by IRS:
The Internal Revenue Service (IRS) sets the contribution limit amounts for Health Savings Accounts. The new contribution limits for 2008 is $2,900 for those with individual (self-only) coverage and $5,800 for those with family coverage.
Catch-up contributions for ages 55 and older will be $900 in 2008
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Following World War II, American companies found health insurance to be a tax-efficient way of compensating employees.
Fast forward to today, as health costs spiral upward, both companies and individuals are beginning to look for alternatives. A reason cited by some analysts to at least partially explain the rapid rise in health costs is that consumers, who have their medical expenses paid to a large extent by insurance, have no motivation to control costs.
Most insurance company's *load a group of one's premium by twenty percent. So it might be a prudent idea, if you can, when you can, to include an employee onto your health plan. For the reason that you are then eligible to be rated differently. You will then be rated is the next group sixe. Which is usually two to fourtynine employees. Here there is no twenty percent sercharge.
*Please do not be upset by this news if your learing this for the very first time or the hundred and first time. Insurance premiums are developed by actuaries, then submitted to The New York State Insurance Department. At the NYSIP these numbers are review and tested.
Sole proprietorships can set up tax deductible savings accounts and use that money to pay for many things that are not covered by traditional major medical.
Such as the deductible and the co-insurance payments.
Preventative Care
Prescription Medication etc...
Just ask us how to retain alot of your owe money.
Health Savings Accounts (HSAs) are connected by law to - High Deductible Health Plans (HDHP's). Remember congress turned this concept into law and NOW is the time to take advantage of this before its possible taken away and repealed. Please contact us.
Please note that we have another company for your personal insurance needs, Marquis Brokerage. Homeowners-Condo's-Coops-Rentals, Auto, Umbrella, Trip Travel, Jewelry, Boats, Life and Disability, Estate Planning. Also small business property & casuality + bonds.
Marquis Brokerage can be contacted at 212-825-0055 or www.marquisbrokerage.com or marquisbkg@aol.com .
We have another brokerage (Marquis Brokerage) firm for the partners, owners and employees personal insurance, such as homeowners, rentals, coops, condos, auto, (and many other personal services for the benefit of employers, employees and partners).
www.Marquisbrokerage.com
email address: marquisbkg@aol.com
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