Optimizing your Health Insurance Costs and Benefits (HSA and Invest the Difference!

Written by Michael G. Kirwan, ChFC, CLU
Published Fall 2007 in the Union County Newsletter


We have been in the vanguard of promoting and supporting HSA Programs to our physician clients for years and we are delighted to report that we will finally be able to offer our clients a “full investment platform” through one of the premier Clearing Firms in the country.

Our clients will now be able to have a virtually unlimited array of investment alternatives, in addition to online access to their account, check writing and a debit card to access their funds and /or payments. Currently, the majority of HSA Account offerings only provide for some modest interest earnings in the equivalent of a bank savings account and may, or may not, provide ready access to your account.

We have been extolling the virtues of alternative Health Insurance coverage through the use of HSA’s–Health Savings Accounts, since 1997. Industry experts predict that by 2010, there will be 15–25 million HSA’s holding over $75 billion in assets and here are just some of the reasons why our clients have chosen to make the change:

  • HSA Premiums are typically 25%–40% less expensive than most PPO’s and POS plans and the savings should be equal to or greater than the chosen deductible.
  • Annual Well–Care Checkups for you and your family are FREE.
  • Annual Mammograms, Pap and PSA tests paid 100% (no Co–Pays).
  • Your HSA/IRA Plan will provide you with a Tax Deductible IRA Savings Account of up to $6,450 per year, in addition to any other Retirement Plan!
  • Your HSA/IRA Plan belongs to you and any unused monies will be rolled over for future years expenses or can be accessed as an additional Retirement Plan.
  • Your HSA/IRA plan will allow you to pay “Out–of–Pocket Expenses”, such as Co–Pays, Deductibles, Co–Insurance, Dental, Optical and Orthodontia with a 100% Tax Deductible payment?
  • Your HSA/IRA plan will allow you to pay for Long Term Care Premiums on a Tax Deductible basis?

Another First for The Kirwan Companies, Ltd. and HSA Specialists of America