The document discusses the Idaho MSA program, which allows individuals to save money for healthcare expenses in a special savings account with tax benefits. Key points include:
- The Idaho MSA program allows individuals to deposit up to $10,000/$20,000 annually (single/joint filing) into a savings account to pay for healthcare costs tax-free.
- Funds can be used to pay for a wide range of medical expenses including insurance premiums, and unused funds roll over year to year.
- Contributions reduce an individual's Idaho taxable income dollar for dollar, providing a triple tax advantage.
- The program is open to almost anyone regardless of insurance or employment status, with no
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The Idaho MSA for Individuals & Employees
1. From: American Health Value
Presented By: Adam Berry
Learn how the Idaho MSA Program will
help you save money on healthcare,
reduce your Idaho taxable income &
help you plan for your future!
2. AHV Company Background
National HSA Administrator
Founded in 1996
Privately Held
Located in Boise, ID
HSA Clients in 49 States
Historically, Focused Solely on HSAs
◦ No COBRA, FSA, HRA, Insurance or Banking
PPACA Prompted Investigations into Idaho MSA Program
3. 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
4. Introducing the New “Idaho MSA”
“Idaho MSA” is a Collaboration
◦ Local Administrator, Local Bank
◦ American Health Value & IIB
Built on Each Company’s Strengths
◦ AHVs Strengths:
Benefit administration, customer service, education
& consulting
◦ IIB’s Strengths:
Statewide branches, local familiarity, banking services
Main Purpose to Help Idahoans
◦ Provide quality guidance, assistance, compliance & banking
Main Goal to Help People Understand &
Maximize Their Medical Savings Account!
5. 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!!
6. 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!
7. 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% you can’t deduct?
8. 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
◦ Or leave in & spend on inevitable medical expenses
9. How Do You Fund Your MSA?
Using A Debit/Credit Card
◦ From our website, one-time or recurring
◦ Call our office, one-time or recurring
Mailing A Physical Check
◦ Send it to our office, we’ll deposit it
Using Bill Pay (If Applicable)
◦ From existing checking account
◦ Set up bill pay to your Idaho MSA
◦ One-time, or recurring
Walking Into Any Bank Branch
◦ Find an Idaho Independent Bank branch near you!
10. 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??
11. 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!
12. 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!
13. We Are Your MSA Resource!
Education Is Key!
◦ 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 In
◦ We’ll Handle Everything For You
Simple And User-Friendly!
◦ Resourceful & Intuitive Website
◦ Easy-to-Access Forms & Deposits
◦ No Phone Trees
◦ Use Our 18+ Years of Experience
14. 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.
15. Healthcare Discount Program
Totally Free for Our Members
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!
16. From: American Health Value
Presented By: Adam Berry
• Phone: (208) 331-0676
• Email: info@IdahoMSA.com
• Website: www.IdahoMSA.com
All Questions & Concerns:
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.
Transition...Who can have one? The most amazing thing about these accounts is their flexibility, because they were truly meant to help every Idahoan.