The Obamacare Repeal and Replace bill eliminates a myriad of taxes and penalties while including tax credits that can be put into tax-free Health Savings Accounts, allowing Americas to put away a sizable nest egg over time.
Insurance expert Ron Greiner was the first person in the United States to enroll anyone in an HSA back in 1996 when they were called Medical Savings Accounts (MSAs). Ron has been enrolling HSAs for over 20 years when most people don’t even know they exist but now they are front and center in TrumpCare.
- With Republican replacement of Obamacare Americans will have a new set of rules to buy health insurance. Tell us how that would work.
Answer: Obamacare has income based tax credits that a single person earning $12,000 to $49,000 can get. Everybody else is disqualified. Married couples can earn up to $64,000 then no tax credits at all after $64,000. Republican tax credits are better because they are age-based so everybody qualifies. For instance, a 30-year-old couple with 2 children will get $9,000 to purchase insurance of their choice. If they purchase insurance that costs less than $9,000 the unused amount is deposited into their tax-free Health Savings Account or tax-free HSA.
- What is the difference between a IRA and a tax-free HSA?
Answer: IRAs and 401Ks are old taxed accounts. HSAs have tax-free deposits, growth AND withdrawals – AMEN. Total tax FREEDOM. Exactly like an IRA, they get interest or may be invested into mutual funds. Unlike IRAs, people have immediate access to HSA funds for anything medical, vision or dental. Unspent HSA funds are dedicated to Retirement health care expenses. Usually people get an HSA VISA Card.
- Can employers make tax-free HSA deposits for their employees?
Answer: YES!, and employers love them, if they understand them. If an employer puts a dollar on a paycheck they pay payroll tax, workers compensation and unemployment. In contrast, employers put that dollar in the employee’s HSA, pays no taxes. Employees earn these funds tax-free. No payroll, Federal income tax and no state income tax in most states. HSAs are compensation without taxation. Everybody knows that money that is never taxed will simply last longer.
- President Trump said he was replacing Obamacare with tax credits and ENHANCED tax-free HSA What does that mean?
Answer: President Trump is making them bigger, better and bolder. Currently the maximum that can be placed into an HSA is $3,400 for a single. That amount is being raised to $6,550 for singles and $13,100 for families. The smart thing to do is maximize the HSA deposit and save the most on taxes. Under this new plan, 25-year-old couple can have a million dollar HSA balance by age 65 to be better prepared for 21st Century Medicare.
- What do you see as the biggest difference between Obamacare and Trumpcare?
Answer: BETTER coverage. I say get a PPO instead of an HMO with skinny networks that pay NOTHING if you go out of network. I’m a big believer in driving the insurance cost as low as you can. I believe in low-cost health insurance and growing your savings in your tax-free HSA. This is just what the doctor ordered. President Trump’s plan is entrepreneurial and will empower Americans to save premiums, ELIMINATE taxes and build wealth!
CONTACT: Jerry McGlothlin of Special Guests: 919-437-0001 email@example.com