[Jewelry making - Article 00065] - Re: [Orchid] Insurance policy

[Kevin Ard]

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    I've also been looking at health insurance lately. My wife got layed
    off a couple of months ago. Right now we are on Cobra, but that ends
    eventually. Anyways, I haven't seen anyone mention Medical Savings
    Accounts (MSA). All of this info is from memory thats at least two
    weeks old, so don't expect it to be 100 percent accurate. Basically
    if you're self employed or work for a very small company, then you
    can use this option. You buy a high deductible insurance policy
    ($3500-4900 for a family) Then you open an MSA. You put money into
    the account tax free and when you use it to pay for medical expenses
    it is spent tax free. The advantages aRe: 

    You get better insurance for less money with a high deductible. At
    some point (age 65?) you can roll the money into an IRA. You can use
    the account to pay (tax free) for medical expenses that are not
    covered by your insurance-like dental or eye-glasses. These costs
    don't count towards the deductible. Medical expense are tax free even
    if you don't reach the %17 (or something like that) level of income
    level that the IRS requires for them to me an itemized deduction. 

    Again, don't take my word for any of the specifics since it's been a
    while since I did the research. 

    The only problem with them seems to be that they're not widely known
    and it's hard to find companies that offer them. I'd love to hear from
    anyone who has had experience with an MSA, since I'm leaning
    strongly towards this option. 

    Good luck Kevin Ard 
    http://www.KevinArd.com 


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