What’s Colorado Doing About Health Care After The Election?

Robert Ruiz-Moss, an executive at WellPoint Insurance in Denver, is already seeing a flood of insurance enrollments after Obama was elected for his second term. To Ruiz-Moss, the Obama victory makes the future of health care reform in Colorado very clear. Ruiz-Moss will be overseeing Colorado’s health insurance exchange.

He was appointed to be a member of the bipartisan exchange governing board both by the governor and the state lawmakers. For the last 16 months, Ruiz-Moss and the other members have been working full-time, formulating the rules and regulations of the exchange, applying for federal grants, and hiring contractors. They are aiming for a health insurance marketplace that will help Coloradoans pick health insurance plans that give them the kind of coverage they need with premiums they can afford. It’s not only the health insurance companies that will be benefiting from the exchange, but uninsured Coloradoans will also be getting a fair shot at coverage.

Consumer groups and business owners say that Colorado is still a long way from establishing an exchange that will help make coverage more affordable. There is no guarantee that the exchange will live up to what has been envisioned in the federal health care law, but Colorado officials are working on it. October 2013 will be the launching of the exchange, and plans purchased via the exchange will be effective January 1, 2014.

That seems a long way off when this very month offers a major opportunity for those of us who use health insurance. If you act by December 1, you can get the kind of health insurance that makes it possible to reduce your taxable income when you file tax returns for 2012.

Get an insurance policy that can be paired with a Health Savings Account (HSA), and you can claim tax deductions worth thousands of dollars either for your health-related out-of-pocket expenses or money you save. With an HSA-qualified plan, you can deduct dental bills, acupuncture, homeopathy, travel for medical purposes, etc., without even itemizing tax deductions. And, if you don’t pay for any of that, you can claim a deduction just for saving to pay for health care in the future.

Don’t worry about losing that money, either. When you reach age 65 and enroll in Medicare, you can keep your HSA and let your investment continue to grow with tax-free earnings, or you can then spend the money however you like. Until you retire, it’s only to be spent on health-related care for you and your family. After retirement, you are still not taxed for what you spend on health care, but you are on withdrawals for other things. These Health Savings Accounts are a unique way to earn tax deductions for health care and savings.

  Date posted: Saturday, December 1st, 2012
Category: Uncategorized

ColoHealth Blog is proudly powered by WordPress | Entries (RSS) and Comments (RSS).
WP Facebook Auto Publish Powered By : XYZScripts.com