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State of the Art  Health Care Insurance plans for individuals and families are offered by the UnitedHealthcare / Golden Rule Insurance Company. Group Benefits for US and International Companies through Aetna Global Benefits

No surprise that the government's recent tax deduction and incentives with the "Health Savings Account" or HSA is creating a lot of attention as there are significant advantages.
 
Advantages include:   
 
  • Your deposit  into the HSA  is a tax deduction which saves you tax dollars.
  • It is like an IRA, but in addition to an IRA, for added tax deductions.  So, if you are in the 28% bracket, for every $100 dollars that you deduct, you avoid $28 in taxes.  Combine that with an IRA deduction and your tax savings can pay for most or all of your premium dollars.
  • The HSA can be used by you to pay deductible expenses or even other medical expenses not covered by the plan.
  • What ever you don't use up in the year rolls over into the next year and continues to build with interest and on a tax deferred basis.
  • At retirement, you can withdraw the money for any reason or to supplement Medicare or prescriptions or whatever.
  • You receive a Master Card to pay expenses from the HSA (or checks if preferred).
  • The HSA account grows tax deferred.  In other words, you are not taxed on the growth and earnings and neither are you taxed on withdrawals used for health care expenses.

     

     

    See the below example and then just click the Free Quote Link that will take you to the United Healthcare site for a confidential no obligation quote.  Once there, just navigate to the HSA100 program and compare the premium costs for yourself.

     
        
       
      Just click above for a no obligation, free quote.  Then, navigate to the HSA100 program and see for yourself.
       
      Examples:
       
      Single Individual
       
      Ms. Sally previously paid $248 per month (or $2,976 per year) for a medical plan with a $3,000 deductible and a $30 per visit co-pay.  With no tax advantages or tax savings, if she became ill, the plan would only pay 80% of expenses after she incurred $3000 expenses and she would still pay 20% of all expenses.

      Under her new HSA Plan, she pays a monthly premium of $245 (or $2,940 per year) with a $2,750 deductible.  She has no office visit co-pay and the company pays 100% of expenses after her deductible.  She further deposits up to $2,750 annually into her HSA that she can use for her deductible and other medical expenses and whatever is not used in the year rolls over into her next year earning tax deferred interest.  But, she can deduct both the premiums (if self employed) and her HSA from her tax returns.  Since she is in the 20% tax bracket, the combined $5,960 (i.e. $2,950 + $2,750) deduction saves her $1,138 in taxes.  So, her real cost for the plan is $1,802 ( i.e. $2,940 - $1,138 = $1,802) or more than one thousand dollars less then her prior plan for better coverage. The savings and benefits are equally impressive for family or 2 party coverage.
       
       
      Family of 4, parents in their 30s, 2 children ages 6 & 2
       

       

       Old Medical PlanNew HSA100
      Monthly Premiums $945$330 
      Deductible $3,500 $5,450
      Office Visit $20 to $30 None
      Co-Pay After Deductible 20% (Plan paid 80%) None (Plan pays 100%)
      Tax Deduction None $5,450 HSA Contributions
      Interest Earned None Tax deferred on HSA
      Retirement Savings None HSA grows yearly

       

      In this family's case, they are self employed and therefore can get additional tax benefits. They were advised to make the maximum IRA contribution of $8,000.  So, combined with the $5,450 HSA contribution and the $3,960 premiums, their total corresponding deduction was $17,410 reducing their Adjusted Gross Income (AGI) by that much.  As they are in the 20% tax bracket, they saved $3,482 in taxes which paid for almost all of their health care insurance premiums. It almost paid for itself.

       

       

       

      Further Description of the HSA provisions and Continued incentives approved by Congress can be viewed at:

       

      http://www.treas.gov/offices/public-affairs/hsa/

       

       


        At PAR Enterprises, we find the employee benefits area  to be an exciting business. It is an area of constant change and with significant opportunities.

         

        PAR Enterprises can help individuals and business owners of small and medium sized companies explore and tap those opportunities either by more effectively enhancing existing arrangements or by assisting in the design or implementation of your Retirement and Health Care benefit programs.

         

        We also provide Group Health Care Insurance for International Company Employees through Aetna Global Benefit Services.


         

        Retirement Planning

         

        Since Retirement Planning is another highly important area for overall well-being, PAR Enterprises can offer effective Retirement Planning arrangements for Individuals and Business Owners.


         

        For Business Owners

        Are you taking full advantage of maximum savings/deferral opportunities within your company?  Do you have the most appropriate Retirement Arrangement for your circumstance?  See our Business Owner's section for more.

        CLICK HERE

         

        For Individuals

        Take charge of your future. Become your own retirement planner. See our multimedia retirement income planning kit. To learn more visit our Individual Retirement Planning section.

        CLICK HERE