Health insurance

Not a big deal.

Just post the transaction later through the HSA and then reimburse the personal account for the expense with proper documentation.

 

True. That is definitely one way to do it. Most of my clients, I hate to say, forget to do that. I'm not one to give tax advice (could get in serious trouble if I did), but I cannot tell you how many call me at the end of December or beginning of January (or right before 4/15) asking me what they can do to get that deduction. I give them hints, then tell them to call their accountants IMMEDIATELY.

Since I have the memory of a steel SIVE, I get on the cellphone, call the bank, and do a phone transaction on the spot. It's already been proven that I WILL forget to do it even three hours later.

 

One of my clients called a couple of weeks AFTER he had a sleep study done and some expenses for the wife as well. Wanted to know how to write off.


Sadly, had to tell him he should have called before it all happened.

Now, he has a HSA for future.

 

I got my ins. through the local Chamber of Commerce. I could get a group rate and not get turned down for a pre-existing condition as my wife was pregnant at the time. It cost few bucks more a month but its a group rate.

 

That's good advice right there. There are a lot of folks who don't even realize that they belong to a group of some sort that may offer a group plan.

What is odd is that I've actually had friends/contacts/Life Ins clients wanting to come off of their group plan at work and go on an individual plan. While in this state that is legal to do, it is scrutinized so closely by the DOI (breaking up a group is looked at as suspicious on the part of the agent) that I'm not willing to risk it. There has to be a #### good reason for someone wanting to come out of a group for me to even sniff at it (unless it is an Inclusive Health option), so I recommend people get on a group plan if you can. Besides, it's better for the client anyway. My commission will come later.

 

Im looking for something right now my Ohio employer doesnt offer health Ins so I have to foot the whole bill...(Co Driver)....If anybody has any other advise please post it..Thanks for these posts....bump up

 

By paying cash, I did mean paying with the HSA via the check card or an actual check. Before we had a lot built up in the HSA, we would do what you suggest.

My youngest son is one of those "jack booted thugs"

 

I did my on line. I got offers from major companies. pretty steep. Just for me it was $210 a month. My wife has some pre exisiting problems and they won't touch her. Very Frustrating

 

GOOD LUCK TO EVERYONE!!! YA INSURANCE COSTS SUCK WHEN YOU YOU DONT USE IT!!! Im in my mid 30s and have payed thousands in medical insurance and never needed it yet and always think about cancelling. I had Blue Cross and up till now everytime i walked into the anyones office I have had to pay for EVERYTHING myself and the insurance that I have was just so I can walk through the door? WHAT A RIPOFF BUSINESS!!!!!

 

Well, it is really no different than having insurance for your home or auto. I am not really interested in seeing a tornado take out my house just for the chance to collect on my insurance. I really like my Jeep Liberty Diesel and really don't want it turned into and accordion just for the chance to get insurance to pay off and be able to get a new ride.

Many view health insurance the wrong way. That is why they get ripped off. They want the insurance to ante up every time they step thru a medical clinic door. That is what the 80/20 type plans do, and you pay thru the nose for them. I view insurance as something I only need when I get catastrophically ill. That is why I have a high deductible health insurance policy, tied to a health savings account, that only costs me and the wife $391.40 a month. I checked with my agent, and a similar plan for someone 20 -30 years old, and single, is around $120 a month. I only will ever experience a max of $5000 out of pocket in a year, regardless of the medical problem. And the policy covers $5 million of medical costs. And by using the health savings account for all the out of pocket stuff, I get FULL tax deductibility and don't have to do the "only above 7.5% of adjusted gross income" game like others with 80/20 policies do.

But don't' worry! You will get hit once Obamacare kicks in fully. And you think you got ripped off before!