According to 247wallst.com, the medicare health insurance fund is projected to be exhausted by 2024. American IRA, LLC is getting the word out that a Health Savings Account can help bridge the gap! Qualified expenses paid from a Health Savings Account are tax-free.
Health Savings Accounts are growing in popularity in the shadows as many people worry about the impact of the new “Obama Care” program on their health insurance. These accounts are great because they allow the employer to contribute funds for the employees to use for medical expenses and prescription drug costs. What is even better about it is that it is a win-win situation. The employer can write off 100% of what he contributes for their employees and the employees can also make contributions to their Health Savings accounts. In essence, this is a great way for employers to give a benefit to their employees and with the 100% write off it is highly possible that the employer nets a $0 expense from providing this benefit. Jim Hitt, CEO of American IRA interjects, “If you are re-reading this paragraph to see if you read it correctly, you are not alone. Many employers are not aware that the contributions they make to their employees Health Savings Accounts can be written off 100% on their taxes. At the same time, employees receive a great benefit, the ability to use this money, tax free, to cover qualified medical expenses and prescription drug costs that they would have otherwise paid for ‘out of pocket.’ So what are you waiting for?!”
Publication 969 provides the complete details of the rules of Health Savings Accounts including how much can be contributed to each individual’s account per year.
Jim Hitt explains, “If Health Savings Accounts sound great to you…wait there is more! Yes, Health Savings Accounts can be self-directed and the funds within those accounts can be used to invest in non-traditional assets such as real estate, private lending, limited liability companies, precious metals and much more! Just like other self-directed retirement accounts, the expenses and income from those investments must be the responsibility of the Health Savings Account. We have many clients that have used investment techniques to increase the value of their Health Savings Accounts.”