Introducing the Idaho MSA: A True Benefit for Realtors
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Learn how the Idaho MSA Program will help realtors save money on their healthcare costs, reduce their taxable income & plan for their future!
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Introducing the Idaho MSA: A True Benefit for Realtors
- 2. Powered By: Idaho Independent Bank Presented By: Adam Berry Learn how the Idaho MSA Program will help you save money on healthcare costs, reduce your Idaho taxable income & help you plan for your future!
- 3. IIB Company Background • Founded in 1993 in Hayden, ID – Full-Service Community Bank – Dedicated to investing in Idaho • Local, Personalized Touch – Focused on long-term relationships – Warm, friendly service – Employees are all Idahoans – Decisions made here in Idaho We are The Idaho Bank®
- 4. Idaho MSA Background: • Around Since Mid 1990’s – They Have Longevity… • Idaho 1 of Only 3 States – Setting National Precedent… – Incredibly Flexible, For Everyone… • Yet, MSAs Almost Non-Existent – Sitting around collecting dust – Nobody knows about them – Why is that? • House Bill 595 – Made them relevant again – Now a viable option to help people, if done properly
- 5. Introducing the New “Idaho MSA” • The Idaho MSA Program is a Commitment, Statewide – Bringing a Unique Program, with Unique Dedication – Full Division within IIB Overseeing Healthcare Accounts • Unsurpassed Healthcare Account Experience – Division Comprised of Both IIB and American Health Value Employees – IIB Assets: • Statewide branches, local familiarity, banking products and services – AHV Assets: • National benefit administration, HSA/Idaho MSA compliance, customer service, education & consulting • Purpose to Help Idahoans – Provide quality access, guidance, assistance, compliance & banking • Main Goal is to Help People Understand & Maximize Their Medical Savings Account!
- 6. What is an Idaho MSA? • Special Savings Account with Tax Benefits – Set Money Aside Tax-Free for Healthcare – Reduces Taxable Income Dollar for Dollar • Triple Tax Advantage – Tax-Free Going In (reduces taxable income) – Earns Tax Free Interest While it Sits – Spent Tax-Free Going Out • Money Rolls Over Towards Retirement – No Use it or Lose it – Pull it Out at 59.5 as Retirement Income – Or Continue Paying Qualified Expenses • That may look familiar… This is where it gets interesting!
- 7. Who Can Have An MSA? • Almost Anybody! • No Insurance Requirements! – HDHP, PPO, Medicare, Uninsured • No Employment Requirements! – FT, PT, Medicare, Seasonal – Even the Unemployed • No Age Restrictions! – Even Medicare Enrollees Qualify • Veterans, too! – No exclusions for VA Benefits or Tricare • Truly Designed to Help Everyone!
- 8. So, Who Does This Help? • Anyone Who Files an Idaho Tax Return • More Specifically... – Anyone on Medicare • Especially income-based • Reimburse from what’s taken – Anyone who pays their own premiums • Simply pay from different account • Write it all off first dollar – Anyone with significant out-of-pocket medical expenses • Personal, spousal, or children’s expenses – Anyone with RMD’s • 401k, IRA, etc. – Why pay State taxes? Divert into MSA Almost Nobody Hits the 10% Medical Threshold! Even if you do, what about that first 10%?
- 9. What About Realtors? • Often, Independent Contractors – Little to No Employer Support – Pay Their Own Premiums • Federally deductible, however… – Out-of-Pocket Medical Expenses • Includes spouse & kids! • Often, High Taxable Income – High Income, High Tax Liability – No Withholdings, Quarterly Filing – Leads to Big Tax Payments – Idaho MSA Can Reduce This Burden! • Great Budgeting Tool! – Put money away when you have it – There when you need it, & get a deduction! • Everyone Qualifies! – Unlike HSA (Requires Specific HDHP Insurance) – Unlike FSA (Requires Employer to Set Up)
- 10. How Much Can You Put In? • Quite A Bit! • Single Filing Status: – Up to $10,000 • Joint Filing Status: – Up to $20,000 • House Bill 595 – March 28th, 2014 – Increased limits from $2k & $4k • Funding Based on Calendar Year – Fund a little, or a lot – Up to you • Unspent Funds Roll Over Each Year, Building A Nest Egg – Use like an IRA & pull money out for retirement (age 59.5) – Or leave in & spend on inevitable medical expenses
- 11. How Do You Fund Your MSA? • Use “Transfer Now” Feature – ACH transfer from any account at any bank • Mailing A Physical Check – Send it to our office, we’ll deposit it • Using External Bill Pay (If Applicable) – From existing checking account – One-time, or recurring • Walking Into Any Bank Branch – Find an Idaho Independent Bank branch near you!
- 12. What Can You Spend it On? • “Qualified Medical Expenses” – Doctor’s Visits, Co-Pays & Prescriptions – Hospital Bills, Dental & Vision – Band-Aids, Chiropractor – Even Insurance Premiums! • Yes, You Can Pay Premiums! – Health Insurance Premiums – Medicare Premiums – LTC Premiums, too! • Debit Card & Checks – No Claim Submission, Keep Receipts – Pay at Point of Service, or Reimburse • If You’re Paying Your Own Premiums… Why Wouldn’t You Open One??
- 13. How Do You Get the Savings? • When You File Your Idaho Tax Return – Idaho Supplemental Schedule 39R • You Fill Out: – Total Annual Contributions – Interest Earned – Financial Institution – Account Number • Dollar for Dollar Deduction – Carry over to form 40, Line 10 – Take Your Deduction • That’s It!
- 14. To Sum It All Up… • Savings Account for Healthcare • Reduces State Taxable Income • No Insurance or Age Restrictions • Deposit $10,000 or $20,000 • Pay for common healthcare costs • Insurance Premiums, too! • Spender or Saver – Works for both. For many Idahoans, this really is a no-brainer!
- 15. We Are Your MSA Resource! • Education Is Key! – Educational Handouts, Infographics & Videos – On-Site Education for Employers/Employees – Help Everyone Understand Their Benefit! • Questions? We’ve Got Answers! – You Don’t Need to Be An Expert – Simply Contact Our Office • Web, Phone, Email, Chat, Walk-Ins – Local, with No Phone Trees – We’ll Handle Everything For You • Simple And User-Friendly! – Resourceful & Intuitive Website – Easy Access to Forms & Information – Tax Reporting & Active Deposit Monitoring
- 16. Our Relationships, Your Benefits • Law firm of Holland & Hart – Worked together to format the Idaho MSA based on ACA employer guidelines and regulations governed by the following agencies: • IRS • US Treasury • Department of Health & Human Services • Department of Labor • Idaho State Tax Commission – Routinely collaborate to receive answers and guidance on client account issues to ensure compliance. • Idaho State Legislators – Open and ongoing communication with lawmakers to both evaluate and expand the Idaho MSA program to better suit Idahoan’s needs, statewide.
- 17. Healthcare Discount Program • Included with Idaho MSAs • Save up to 65% on: – Prescriptions – Dental Costs – Vision Care – Doctor’s Visits – Medical Lab Testing – + 5 more programs! • Excellent Statewide Coverage • Take Advantage of this Discount Card & Maximize your Healthcare Savings!
- 18. Contact Me Directly for Questions or Enrollments: Phone: (208) 338-8018 Email: Adam.Berry@IIBK.net Powered By: Idaho Independent Bank Presented By: Adam Berry
Editor's Notes
- Welcome people to webinar, thank them for coming. Introduce yourself and American Health Value. Give background of AHV. Speak about how in this webinar, we’ll cover the Idaho MSA from both an agent and a client perspective so everyone gets an idea about how this will benefit their clients, and how it will benefit them by INCREASING REACH, REDUCING ATTRITION AND GENERATING NEW REVENUE.