Profitable Health Insurance with an IRA Deduction—Buy HSA and Invest/Save the Difference

Written by Michael G. Kirwan, ChFC, CLU
Published Winter 2007 in the Union and Morris County Newsletters

 

Would you consider the Change?

If your auto insurance agent called and told you that if you were willing to accept a $2,500 deductible that he could save you $3,000, would you consider the change?

If he then told you that if you elected to invest the $3,000 savings in a secure account that he would be able to provide you with a 100% Tax Deduction, sanctioned by the IRS, would you consider the change?

If he told you that he would give you a “free” debit card and a check book so that you could pay for your “bents and dents” from this account “Income Tax Free”, sanctioned by the IRS, would you consider the change?

If he told you that you could use this “Income Tax Free” account to pay your dentist, opthamologist and/or orthodontist, would you consider the change?

If he told you that you could use this “Income Tax Free” account to pay for your Long Term Care Premiums, would you consider the change?

If he told you that you could use this “Income Tax Free” account to pay for your Medicare Policies and other expenses, would you consider the change?

If he told you that any balance remaining in your account at the end of the year would be yours to keep, while accumulating tax deferred earnings for your use at Retirement, would you consider the change?

If he told you that you could have the benefit of a personal Money Manager to assist you in the diversification of your accumulated savings, would you consider the change?

Now for the bad news and More Good News!

We can’t help you with your auto insurance but we can certainly show you how your Health Insurance Plan could be providing you with every one of the considerable enhancements itemized above that your current plan prohibits you from having.

HSA’s, Health Savings Accounts have been in existence through its’ predecessor program, MSA’s, Medical Savings Accounts, since 1997 and we have been there since the beginning.

Due to our very highly educated clientele, our physicians have been saving premiums and investing the difference for years. We currently take in nearly $2,000,000 per year in Tax Deductible HSA Contributions, with average account balances in the area of $25,000 and growing. As a result of the patience of our loyal clients and the popularity and rapid growth of our HSA Plans, we will now be providing our clients with access to a full investment brokerage platform and a personal Money Manager to assist in the Investment Direction and Diversification of their HSA Accounts, which is another first in the rapidly expanding HSA Market.

 

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