Know How an HSA Can Help Pay For Your Health Care?

A Health Savings Account or HSA is a special account that you as an individual can acquire. It allows you to pay your current and future medical expenses on a tax-free basis. It's an alternative to a complete health insurance. Like a savings vehicle, it gives people different means to pay for their health care.

It can be used in concurrence with your traditional health insurance policies provided that these policies are "high deductible" policies.

HSAs were created in Medicare legislation which was signed into law by former President Bush five years ago. It was introduced by free market theorist as another way of controlling the cost of health care through market discipline in the medical industry.

Last December of 2006, both houses and the congress passed the Tax Relief and Health Care Act of 2006. When it was first signed into law on December 20, 2006, former President Bush said that an estimated 3.6 million HSAs have been opened.

A recent report by the Government says that out of 200 million Americans who are engaged in private insurance, only at about 2% opted for an HSA. But another recent report by the market researcher Diamond Management and Technology Consultants says that as many as 10 million will enroll in health savings account on the following year, doubled the number that was recorded in the previous 3 or 4 years.

There are a lot of financial institutions out there that can provide you with administration services regarding health savings account. These could be small, medium, or large organizations.

You can be eligible for this account if you are an individual who:

o Is covered by an HDHP.

o Isn't covered by any other health insurance.

o Isn't enrolled in Medicare.

o Isn't dependent on somebody else's tax return.

- Children are not eligible for HSA.

- If eligible, spouses can have it.

There is no income limit to those who would want to contribute to a health savings account. Contribution to this account does not require you to have an earned income.

For an individual, the maximum yearly contribution is about $3,000 and about $6,000 for a family. The maximum contribution is pro-rated and is based on the number of months of the year that you are eligible.

You can take advantage of HSAs if you are covered by an HDHP or "High Deductible Health Plan". To qualify, the minimum deductible for an individual is $1,100. For families, the minimum is $2,200. Usually it costs less than the traditional health insurance; therefore, you can put the amount that you save into the health savings account.

The good thing about HSA is that you own it and you have your full control over it. The decision is yours on what you want to do with it or how you're going to spend it. There will be no insurance company to tell you what to do. To decide on how and what type of investment to make it grow is in your hands, so nobody will push you to do this or that.

Clint writes for Accumulating Money and covers all topics of personal finance including HSAs and other ways to help you manage your finances and improve your net worth.

How the Baby Boomers and Change in Culture Is Changing the Health and Wellness Industry

The baby boomers were the first generation of Earth to be raised on Pop culture and television. The culture at that time is more hedonistic as compared to the past.

Music that drove their parents crazy became their purpose in life. This explains the phenomenal fame of legends like Elvis and The Beatles (Who incidentally till today, remains more popular than most one-hit wonder pop groups or modern icons)

Big names like Bob Dylan, Jimi Hendrix, Janis Joplin and Led Zeppelin defined the voice of that generation.

In other words, they set the standard to what is 'hot' and what is not!

The boomers were living in an age where Music seemed to have a more influential power compared to weapons of mass destruction. In the past, people would think you were crazy if you wear torn clothing or upside-down garments. People at that time were not as hard up as today if they were to miss the latest movie or driving the hottest car in town.

In other words, buying power and market demand were not as trend sensitive in the past compared as today.

If I were to target the boomer market, what would I be focusing on? Cosmetics and beauty seem to be making a fortune today. A slimming ad would cost tens of thousands of dollars and newspapers and magazines publish this on a DAILY basis.

Gyms and fitness equipment are also a hot market. You wouldn't imagine someone in the 19th century invent something like a gym. The people there would be too busy plowing fields or working in a factory (and they would get all the exercise they need). The boomers have a relative easier life and are able to focus more on those pleasures above.

So where does it health and wellness industry come in?

The health and wellness industry must provide for the baby boomers and their added growth to an already big and growing market.

To get great fitness equipment visit healthexerciseproducts.com.

Health Care Blog For Reform - Is There Any Hope?

In today's times any health care blog concentrates on the big issue of health care reform. It is being discussed at a bipartisan conference today. President Obama says he knows the urgency of this issue and vows this conference is to be considered a last ditch effort to find lawmakers coming together to secure a compromise bill that will work for Americans. The subject of health care has been negotiated into the ground over the past year and no one seems to be capable of coming to an agreement on what is best for all of us. When politics becomes involved in issues such as the healthcare of our nation, it generally drowns out the voices of the general public and those in power do not seem to even want to listen to the silent majority.

In this health care blog we discuss the fact that Obama knows first hand how complex the healthcare struggles can be for many as he observed his own mother as she struggled for her rights as she battled terminal cancer years back. Many others have written him with their own horror stories of how the health care industry has failed them, time and time again. To quote the president, "What I'm hoping to accomplish today is for everyone to focus not just on where we differ, but focus on where we agree, because there is actually some significant agreement on a whole host of issues." In spite of the urgency of this topic, Republicans and Democrats simply seem to agree to disagree when it comes to certain issues, leaving no evidence of common grounds.

This health care blog notes that President Obama and Senator John McCain from Arizona had a heated discussion regarding the legislation involved in healthcare reform. McCain stated that Congress, under Democratic control is fashioning the health care reform legislation all the while violating Obama's openness pledges. The Senator says the legislation was produced behind the closed doors of a biased Congressional group using unsavory deal making techniques. McCain further asserts Americans actually want to return to the beginning of this struggle and totally scrap the legislation which is presently mired in Congress. As the matter is supposed to involve insurance and it's coverage for millions the discussion seems to be veering further and further away from its intended subject.

This health care blog is concerned with the fact that while all these high powered people battle it out, we seem to be left out. Left out of the decisions and not offered an opportunity to voice our feeling on this most important of subjects. While they continue to argue and debate, we see our medical insurance costs soar and there seems to be no end in sight without a good effective plan. Even the Democratic party cannot seem to come to any sort of agreement when it comes to health care reform.

This healthcare blog is concerned about the study that shows some forty five thousand people die each year because they do not have health insurance. Additionally, some seventy percent of the three quarters of a million people who filed bankruptcy last year did so due to medical bills, even though most had insurance. Perhaps we need a lot more health care blog coverage to prod these folks along.

The author is a full time writer.

Why Are Politicians Playing Games With Health Care?

Public option, consumer option, competitive option no matter what you call it this is the government-run option. If health care were not so important to pre-boomers like me, this debate - which is really finger pointing and posturing rather than a civil exchange of ideas - would be considered a joke. But it's no laughing matter; for the past six months we have been hammered with an endless stream of platitudes, half-baked concepts and ever-shifting plans that don't address the real issues.

Way back when, the headlines talked about the need for health care reform. We were told that 48 million Americans had no coverage, making the US the worst of the industrialized nations in terms of taking care of its people. Of course, this number was grossly overstated. It included those who were young, in good health and chose not to purchase insurance; illegal residents; and those between jobs with short-term insurance lapses. The practical number is less than half this total, but that's still unacceptable.

The key concern is to have children and those with pre-existing conditions covered. However this can be accomplished without tearing down the entire health care system. Remember, those living in other countries where universal health care is available often come here for treatment, if they have the money, because our health care is considered to be better quality than they can get at home. So how do we:

1) cover everyone,

2) maintain quality and

3) not raise taxes?

The answer is simple; we can't. Pick any two, but you can't have all three.

Medicare is already targeted for cuts of more than $500 billion. Proponents claim this will be accomplished through the reduction of waste, fraud and abuse; but most seniors believe it will mean a reduction in benefits. Otherwise, why didn't the government do something about the problems when they discovered them? Or, was this just another political move to take from one group in order to give to another, more deserving, group?

Have our representatives forgotten that there are about 40 million people 65 and over and that the aging boomers will be swelling this numbers in the years ahead? Are they saying to us that we don't deserve quality health care through the doctors we choose and receive the tests, drugs and treatments these medical professionals prescribe -- a portion of which is paid for by the supplemental insurance we buy? Don't they realize we paid our taxes and supported the system all our working lives and therefore earned the right to proper health care as the aging process continues?

The idea of states having the right to opt-out of the government option if they wish is ridiculous. It's doubtful a governor or state assembly will vote to opt-out when the residents know they're being taxed for it whether it's being offered or not. This option is supposed to lower prices by being competitive to private insurers. On the surface this option sounds good, but it will likely reduce competition and everyone will end up paying the price for such insurance through higher taxes as the government option becomes the only option. And that means no options at all.

Don Potter, a Philadelphia native, was born in 1936 and is a 50 year veteran of the advertising agency business. Now living in Los Angeles, he has written two novels in retirement, frequently writes on marketing issues, and has a blog dedicated to pre-boomers (those born between 1930 and 1945).

Read more articles for and about pre-boomers with thoughts, comments and opinions designed to spark thinking, foster discussion, and stimulate debate by logging on to http://www.pre-boomermusings.com

Health Care Reform is a Joke, and Here's Why

I can't remember the last time something was such a huge story - and at the same time such a non-story. There are a couple of great reasons you can simply ignore all of the hoopla around the health care debate - unless you are a CEO wielding a lot of financial power, or similarly positioned.

First of all, this pie isn't done yet. After all the good stuff is gutted from the Senate version of the bill (so we can get 60 votes to close debate) the party is still only starting. Next up - the House and Senate versions go to committee for reconciliation. The two versions which are now very different, have to be combined into one for the President to sign. There are going to be a lot of changes. Then, the revised bill has to be voted on again. Then the President signs it and we have a law. So, what will the final law look like? Who knows, but one thing is for sure, it won't be written to help you or me, for the following reason....

The fix is in. By this I don't necessarily mean that the content of the final bill is decided - no, it is actually a lot more depressing than that. The fix is in because our congress is bought and paid for. It takes millions of dollars to get elected to congress. Most politicians get their campaign funds, either directly or indirectly, from large corporations.

This makes them wary of doing anything that will upset said corporations, regardless of how it affects the country or their constituents. You may thing I am cynical, but it only takes a little number crunching to see what is really going on inside the beltway. Nate Silver, over at fivethirtyeight.com recently published a very interesting table charting which way congress members would vote on health care, bounced off of campaign contributions from the health insurance industry.

Huge surprise! Those members that get the most money from health insurance companies are more likely to scuttle reform. There could not be a clearer demonstration of the way our government actually works.

Something will most likely be passed, either in December 2009, or early 2010 - but it won't really be written by congressional committees - no, it will be written by health insurance company lobbyists. So, what can you do about this? Not a lot. You can write and call your congressman and Senator. But they know where their bread is buttered.

My own guess is that nothing substantial will happen until about one third of everybody's income is taken up by health care costs. The pain has to be truly unbearable to get most Americans up off of their cans to do something. And what we will do is to throw the bums out. Then, and only then will it be fixed. Of course unless there is a huge reform of campaign financing the same thing will simply happen again, with some other issue.

In the meantime rest assured that while you are wondering how the heck you are going to make an 800.00 per month premium payment, your congressman and Senator and their families are getting the best health care on the planet - paid for by you. All of the executives at the health insurance companies and their loved ones have nothing to worry about. After all, you are paying their premiums as well, in addition to huge bloated compensation packages.

So just sit back and watch the show if you like. There is nothing you or I can do about it anyway. Just remember that a show is all it is, put on for your benefit. They don't really have to do anything to help us, or fix the problem - they simply need to make it look like they are.

Timothy Jenkins is a retired home builder, and spends most of his time working on his own and friends home insulation projects. Tim believes that garage door insulation is a great way to save cash and electricity for a bargain price. You can see where Tim gets his information and his garage door insulation kits at DIYGarageDoorInsulation.com.

Health Care and Health Insurance Reform Options Now Being Discussed

Every election year, candidates make promises of sweeping health care and health insurance reform. The proposals this year cover a lot of territory. It is important to understand what some of the very specific projected changes might mean to average Americans.

Currently, prescription costs are among the most important reasons for choosing one health insurance policy over another. One of the hot button issues this year is the fact that Americans are paying far too much for prescription drugs. Both candidates are looking for way to fight these high costs.

Another facet of health insurance that is in the news is transparency of health care costs. This means that when you get your hospital bills, there should be an itemized list of what the actual costs were of the supplies and procedures. Both you and your health insurance company will need to know these facts to prevent being overcharged.

It is important to the presidential candidates this year to deal with malpractice issues between doctors and patients. Health insurance pays for the normal cost of procedures, but when something goes wrong, lawsuits often determine if malpractice insurance will pay. To these candidates, the key is in making it easier to meet the patient's needs without malpractice suits.

Portability is a buzzword this year as well. Health insurance, according to both candidates, needs to be able to follow a person wherever they go. If they move from job to job, the health insurance should follow along. The worker should not have to start over, dealing with issues like pre-existing conditions and finding the right insurance all over again.

Chronic care has become one of the most widespread health insurance issues of all. About three-fourths of health insurance claims have to do with chronic and long lasting illnesses and diseases. The presidential candidates are determined to address this issue with a focus on better treatment and prevention.

Both candidates agree that both health insurance and the health care industry itself will thrive on improved information technology. It is interesting that many health insurance companies have worked to have top-notch information systems already. These proposed measures would only make it easier for the companies who are now doing their part.

However, the presidential candidates do not agree on what all the important issues are this election year. For instance, McCain wants to help middle class Americans with a $5000 tax credit per family and focus on Health Savings Plans more than health insurance. Obama has many plans such as better health insurance for the mentally ill, and research into AIDS and other devastating illnesses.

There are similarities in the subjects of both presidential candidates' plans this year. It is important to learn more about the specific differences within each area of discussion and the general dissimilarity in their overall health insurance and health care schemes.

Jeff McClendon has been a specialist in the field of health insurance since 2006 counseling hundreds of individuals and families on medical insurance [http://www.advancehealthinsurance.com] policies which may be right for them. Find affordable health insurance quotes [http://www.advancehealthinsurance.com] for individuals and families.

Health Care - The Tide is Turning in the USA

Recently, I've become immersed in the study of weight loss and specifically, why people can't bring themselves to do what is in their long term best interest.

Losing weight is not hard to do, but most don't want to do what it takes.

It's crazy, but we know the way we're eating and living is going to kill us sooner than later -- and it won't be a pleasant, quick end, either -- but we're goin' for the gusto, as they say. We're living like there's no tomorrow, but there IS a tomorrow and many of us won't be in any shape to enjoy it.

I've come to the conclusion that things are about to change, with a new awareness and desire growing to begin doing what we know we should.

Here's why:

* The failure of health care reform in the United States will gradually sink in and make the public aware that there is no safety net to save them when they fall ill from their insane diet and lifestyle habits

* Another reality that will sink in is that the economy will not be revived with bailouts and subsidies to failed industries and fraudsters

* "Livin' Large" is passe' -- being fat will be out of style and a symbol that one is behind the times, a clown, a loser, no longer funny

* Health care as it is currently practiced will price itself out of existence, with a growing number of people finding ways to maintain their own health without doctors, expensive tests, and pharmaceutical drugs

* Those who cling to the old, incorrect belief that medical procedures can save them will die off -- currently deaths due to mistakes made by doctors, hospitals, and legal drug interactions are running at about 225,000 or more per year(Journal of the American Medical Association, 7-26-2000) This will grow as more people mistakenly put their trust in letting others solve their health problems and doctors are overwhelmed with too many patients, too much paperwork, and too little return on their investment of time and money.

* More doctors will either quit practicing or refuse to accept Medicare/Medicaid patients; Emergency Rooms will be jammed and too unpleasant to be an option of last resort for anyone with any smarts

* A general sense will dawn on Americans(and those who aspire to live like them) that the party of overindulgence is over -- nobody is coming to help with the clean-up -- and they had better get on with their lives

* Trend-setters will lead the way, having realized that the pleasures of 1500 calorie hamburgers are not worth the "hangover" of early heart-attacks, expensive and risky medical procedures, and losing their youth much too early

* In a weak job market, what employer is going to hire an overweight person with their obvious higher insurance costs, when they have their choice of health-conscious and more presentable candidates? Economic forces will enforce the Darwinian "survival of the fittest."

It may be hard to imagine such a radical change in the climate of public opinion and habits in the USA, but I am convinced that our irrational, devil-may-care attitude has about run its course. Just as in the Depression of the 1930s, there will be a major turnaround in behavior in the USA and elsewhere. Smart people are advised to take note and be prepared to ride the tidal wave of change -- to profit from it rather than be left washed up on the shore.

Paul H. Kemp is an entrepreneur, author, and amateur athlete.

For more information on how individuals can regain control over their health and weight, visit his Web site: http://www.HealthyPlanetDiet.com/