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Re: Can U suggest HSAs as a virtual retirement plan?
I can beat that...
"He who sits on toilet is high on pot --- old Chinese proverb"
I can beat that...
"He who sits on toilet is high on pot --- old Chinese proverb"
Can you suggest HSA's as a virtual retirement plan?
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Re: Can U suggest HSAs as a virtual retirement plan?
None---I'm familiar with both of those and LEAP but I don't use any of those systems.
None---I'm familiar with both of those and LEAP but I don't use any of those systems.
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Re: Can U suggest HSAs as a virtual retirement plan?
Yes! I made this point to him last week, and I couldn't believe his response... it was as though a light came on. I just expected everyone to understand this basic principle, but this really made me aware that many never grasp this, and we just miss one of our best selling points if we don't bring it up. Obviously, many do.... but small businesses like contractors don't often have the business acumen that larger employers have, many not having a college degree, much less an MBA.
Point: Never assume the customer knows the basics.
Yes! I made this point to him last week, and I couldn't believe his response... it was as though a light came on. I just expected everyone to understand this basic principle, but this really made me aware that many never grasp this, and we just miss one of our best selling points if we don't bring it up. Obviously, many do.... but small businesses like contractors don't often have the business acumen that larger employers have, many not having a college degree, much less an MBA.
Point: Never assume the customer knows the basics.
Re: Can U suggest HSAs as a virtual retirement plan?
I agree with you on this Delta! Personally I am funding my HSA to the limit and not touching it.
New laws may boost HSA popularity among wealthy - InvestmentNews
I agree with you on this Delta! Personally I am funding my HSA to the limit and not touching it.
New laws may boost HSA popularity among wealthy - InvestmentNews
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Re: Can U suggest HSAs as a virtual retirement plan?
Where is this money supposed to come from to fund the HSA?
They have no insurance now and low income.
I think we're talking about two different scenerios. I have never gotten someone to fund an HSA that currently did not have health coverage (at least I can't think of anyone). I think most people already going without health coverage have a different mindset not geared toward saving typically. Most of my sales are to people that already have health coverage and simply suggest they save part of the premium difference into the HSA. Most do, some don't.
Where is this money supposed to come from to fund the HSA?
They have no insurance now and low income.
I think we're talking about two different scenerios. I have never gotten someone to fund an HSA that currently did not have health coverage (at least I can't think of anyone). I think most people already going without health coverage have a different mindset not geared toward saving typically. Most of my sales are to people that already have health coverage and simply suggest they save part of the premium difference into the HSA. Most do, some don't.
Re: Can U suggest HSAs as a virtual retirement plan?
You are probably right.
Except for the idiots who think they can self fund their medical needs.
A family friend, he is 59, she is 62, have no health insurance.
Lot's of money & assets.
No health insurance.
Thinks it is a waste of money.
I once suggested he consider at least a $25k deductible. Under $300/month.
Said the premium was too high.
Not that he could not afford it, but might give it consideration if the premium was under $100 per month.
***.
You are probably right.
Except for the idiots who think they can self fund their medical needs.
A family friend, he is 59, she is 62, have no health insurance.
Lot's of money & assets.
No health insurance.
Thinks it is a waste of money.
I once suggested he consider at least a $25k deductible. Under $300/month.
Said the premium was too high.
Not that he could not afford it, but might give it consideration if the premium was under $100 per month.
***.
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Re: Can U suggest HSAs as a virtual retirement plan?
Some people don't carry homeowners either cause the loan is paid off, They're smart right up to the fire..
.
Gotta love America.
Some people don't carry homeowners either cause the loan is paid off, They're smart right up to the fire..
.Gotta love America.
Re: Can U suggest HSAs as a virtual retirement plan?
Maybe I am missing something, but how can employees put pre-tax dollars into an account when they are living paycheck to paycheck? Seems you can get the employer on an HSA, but employees will most likely want copays and they will be very happy with the concept of an accident plan as mhart stated.
Maybe I am missing something, but how can employees put pre-tax dollars into an account when they are living paycheck to paycheck? Seems you can get the employer on an HSA, but employees will most likely want copays and they will be very happy with the concept of an accident plan as mhart stated.
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Re: Can U suggest HSAs as a virtual retirement plan?
The small businesses I am marketing to are often a married couple, one of whom is the SE sole proprietor, the other the employee.
If a small business has 4 or 5 employees, it may be a group of professionals or a contractor. In my case recently mentioned, this contractor has been in business for quite a while and is stable, has known most of his employees for years, but wants to keep them in these tough times. If he loses them to a larger contractor with benefits, he will have to scrounge around for less desirable workers.
You are right about accident plans... this is a given in the construction trade.
Thanks for asking!
The small businesses I am marketing to are often a married couple, one of whom is the SE sole proprietor, the other the employee.
If a small business has 4 or 5 employees, it may be a group of professionals or a contractor. In my case recently mentioned, this contractor has been in business for quite a while and is stable, has known most of his employees for years, but wants to keep them in these tough times. If he loses them to a larger contractor with benefits, he will have to scrounge around for less desirable workers.
You are right about accident plans... this is a given in the construction trade.
Thanks for asking!
Re: Can U suggest HSAs as a virtual retirement plan?
If they are living paycheck to paycheck they have a bigger problem than how to fund the HSA.
BUT . . . they are also paying for coverage they do not need. Chances are, they can free up $300 or so (family plan) by switching from a copay, low deductible to HDHP/HSA.
Even if they don't fund the HSA (which means they are an ***) they can still have more money to use for health care, even if they blow it on beer and NASCAR tickets.
If they are living paycheck to paycheck they have a bigger problem than how to fund the HSA.
BUT . . . they are also paying for coverage they do not need. Chances are, they can free up $300 or so (family plan) by switching from a copay, low deductible to HDHP/HSA.
Even if they don't fund the HSA (which means they are an ***) they can still have more money to use for health care, even if they blow it on beer and NASCAR tickets.
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