Insurance Agent Forum

[Ahnuld]

Let's act on this Forum dudes,

The House Ways and Means committee passed* H.R. 5719, which is the "Taxpayer Assistance and Simplification Act of 2008," yesterday 23 to 17.**
*
A private company Evolution Benefits which has a substantiation process patent, has asked for and paid a lobbyist to get a provision added that will create a 100% increase in monthly administrative fees and will destroy the ability of banks and credit unions to offer HSAs. This bill requires that*a third-party review of every single expenditure made by individuals from their HSA. This was not the intent of the HSA program and this company and this bill*must be stopped.
*
HR 5719*will be on the floor of the U.S. House next week, and everyone should immediately begin contacting their Members of Congress United States House of Representatives, 110th Congress, 2nd Session and asking them to vote NO on H.R. 5719
*
We have built a website STOPHR5719.com*Home with all the information.

[Mr. Bill]

Pretty interesting stuff. The IRS can audit HSA payments (meaning, out of the plan) any time they want and yet this appears to put a human between the monies in and monies out. Sounds nutty to me!

[moonlightandmargaritas]

Ahnuld, thanks for the heads-up.

I contacted my Congresswoman - really easy to do, you can do it online thanks to your link. Takes two minutes, tops.

I received an autoresponder email back from her (personalized though), I'm happy to hear "she's working for all constituents in the district to bring down health care and higher education costs."

I will sleep more soundly tonight.

[Ahnuld]

You are absolutely right on, Mr. Bill, It is nutty...it's reprehensible and an abomination. I've already contacted all of my US Reps, including Gruppenfuhrer Pelosi, both senators (Boxer the Sapless and Feinstein the Faint) and sent some messages to the campaign committees of all of the presumed candidates. Especially with Clinton and Obama, their recent screeds have put "special interests" up front and square as the boogyman. Everyone has a Constitutional right to petition the government, that's good. But to actually sneak one by in favor of a single petitioner is criminal.

[somarco]

InsureBlog: HSA's in Jeopardy?

[midwestbroker]

Thanks for the update.

I just Emailed my democratic representative (that was painful to type) and I am looking forward to his reply.

[Ahnuld]

In the "Watch What You Ask For" category of "What Were We Thinking?" this just in from the HSA Coalition:


MEMORANDUM

Page 1 of 1

To: Coalition Members and Opinion Leaders
From: Dan Perrin
Re: Evolution Benefit’s Capitulation Means Nothing

Date: April 14, 2008

1) I have attached the letter from Evolution Benefits opposing the HSA substantiation bill. Someone said timing is everything in life, and Evolution Benefits is too late.

2) Evolution Benefits opposition to the bill they initiated is like hitting send on an email, and then trying to retrieve it; or launching a missile with no recall codes. The Democrats are under no obligation to listen to Evolution Benefits. And, their opposition to the bill they asked for does not matter, because the provision is still in the bill, and it is still going to be voted on the floor of the U.S. House of Representatives as early as tomorrow.

3) Evolution Benefits has popped smoke to cover their retreat (think of it as a smoke screen) simply because they are taking a beating from their business partners and industry colleagues. Evolution Benefits actions will have a material impact on their business since now they as a company are viewed as the enemy by many.

4) The only way the substantiation provision would no longer be in play is if the bill went back to Committee and the substantiation provision was removed. If Evolution Benefits wanted to oppose the bill, the time to do it was prior to the Ways and Means Committee vote.

5) Now that even Evolution Benefits opposes the bill – and no single business or entity in the HSA Marketplace is asking for this, it is an excellent time for everyone with a stake in this bill to contact their member of Congress today and tomorrow and express your strong opposition to this bill.

6) All conversations about opposing this bill within the industry are useful, but the message needs to be focused to Congress for the vote that will occur on H.R. 5719 early this week.

[Ahnuld]

Whew! *****

The White House on Monday threatened to veto a tax bill (HR 5719) because of a provision under which individuals with tax-free health savings accounts would have to provide evidence that they used funds in the accounts for medical purposes, CQ Today reports. Under the provision, individuals with HSAs after Dec. 31, 2010, would have to provide evidence that they used funds in the accounts for medical purposes.

Good save (hopefully)