HSAs are only 19 years old and not 20 like Capretta’s title. In sales when you tell a LIE you are “Blown Out of the Water” because you have destroyed your credibility. Goodman then changes 20 to 30 in his title,ridiculous. On 1/1/24 the HSA will be 20 years old but we really need to wait until 4/15/25 for account balances because HSA account holders who enrolled on 1/1/2004 have until TAX DAY in 2025 to make their 2024 deposit and save on taxes. All the PhDs who discuss HSAs NEVER have real-world experience because they have NEVER enrolled even (1) account. Professionals who actually enroll HSAs have no voice and only amateurish thoughts like CAPRETTA and GOODMAN are put to print. The rest of the article is just as bad with amateurish gibberish that means nothing. I’m not going to discuss all of the faulty opinions of CAPRETTA’S article because I don’t have the time and there are just too many idiot thoughts.
CAPRETTA writes, “Before 2003, Congress had approved more limited tax-preferred accounts to help patients pay for medical services, but restrictions on eligibility, allowable use, and financial rewards limited their appeal.” I enrolled the 1st tax-free MSA in October 1996 just 8 short weeks after Clinton signed the tax-free MSA into law with Kennedy-Kasselbaum legislation. MSAs were restricted to Self-Employed people to keep them away from Employer-Based plans, the IMPORTANT people. Only employees of small employers, less than 50 employees, could enroll ONLY if they were on an Employer-Sponsored plan. I have NEVER put (1) client in my life on a dangerous and deadly “Small-Group” plan. I had the national account with 7-Eleven Franchisees and their 28,000 stores before 1/1/97.
In October 1996 I had Scott Kreinke, VP of TIME Insurance, attend the initial meeting in Dallas for the 7-Eleven meeting on the 34th floor of the 7-Eleven tower which had palm trees. I met Scott on the 1st floor and he brought some girl who was from corporate and was in charge of TIME’s Small Group coverage. I WARNED her before we went up, “Don’t you say (1) word,” and she didn’t (she wasn’t a salesperson). I used a Detroit zip code to explain to Tom the cost of Individual Medical (IM) because Detroit wasn’t the cheapest. The Detroit cost was $34 a month for the $2,250 deductible that paid 100% thereafter for a single male.
I explained to Tom the law in the states required that the Franchisee couldn’t pay 1 penny of the premium so the employees must pay 100% of the premium and the 7-Eleven owner could make the MSA deposit. Tom said, “Wait, are you saying that if the employee pays the $34 the store owner can put $50 in his MSA?” I said, “Exactly!” Tom said, “Wow if the employee doesn’t accept that deal we should fire him because we would have an IQ problem!”
Tom was smart but he said, “We will have to wait until there is another company with MSAs so I can do my due diligence.” I knew that was BS and a common stall because I had the best product with or without the MSA. Tom said, “Maybe someone else will pay more than 3% interest,” that TIME’s MSA paid. Now I knew we were talking BS because the insurance product was the most important consideration. But, I could sense there was no High-Pressuring Tom. So we left the meeting and I had to wait for SLOW Golden Rule and NCPA contributor Andy Rooney to come out with their MSA product which happened in December of 1996.
The next week I was in Paris at the LeGrand Hotel (where Biden got in trouble spending over $500,000 in one night) across the street from the Old Paris Opera for the Annual FORTIS (They owned TIME) meeting. VP Scott Kreinke was there telling everybody about our 7-Eleven prospects. Scott announces on the 1st night in Paris that back in the States TIME’s
Underwriting Department was about to issue the 1st MSA. The 2nd night I won with a 24-year-old male who qualified for Jet Underwriting. The 2nd was some little agency from Oregon who wasn’t in Paris. I had 3 of the 1st 5 MSAs in America. The 3rd MSA was mine from Glenwood Springs, Iowa, a 40-year-old female and her daughter.
FORTIS, the 18th largest corporation in the world, knew how to throw a party. At the formal dinner on the last night FORTIS rented out the Old Paris Opra across the street and Ben Cutler, who merged HIAA (Health Insurance Association of America) and AHIP (America’s Health Insurance Plans) together, awarded me with the 1st MSA in the USA.
We come back to the States and I am waiting and waiting for Golden Rule to come out with their MSA product so I can close the 7-Eleven deal. Finally, in December of 1996 losers Golden Rule and ASS Andy Rooney have an MSA product. I knew it was going to be crap because I’m a professional. Exactly like I always kill Golden Rule the new MSA qualifying coverage had no Dependent Conversion Privilege (DCP) that TIME had. So I faxed the Golden Rule Outline of Coverage to the 7-Eleven Tower and I circled the “Dependent Termination” clause and wrote, “Tom, we don’t want to offer Golden Rule because the 7-Eleven dependents will be terminated at a majority age if they get sick or hurt with Golden Rule. We don’t want to put the dependent children of 7-Eleven owners in DANGER!” Wham! Bam! Thank You Ma’am I had the 7-Eleven account!
I didn’t have to use that the losers Golden Rule takes away policyholders right to sue. Yes, in the land of lawyers, Golden Rule takes away your legal rights. Golden Rule donated to the non-profit NCPA so Dr. Devon Herrick LIES, LIES, LIES and writes that Golden Rule was the 1st to market tax-free MSAs with his, “Brief History of HSAs.” I promptly called Devin and told him he was wrong and suggested a better title would be, “A Brief History of TIME!” Devon has NEVER corrected his LIES. The TRUTH is more interesting than the NCPA’s LIES.
I contacted Dr. John Goodman in 1997 and suggested that he could help with MSA enrollments if he understood the law better and Goodman shot back, “My job is done. It’s your job to market the MSA.” I have NEVER talked to Goodman since. TIME had a meeting in Washington DC at the Willard Hotel and they invited Goodman to speak. I was busy but my wife went and at the end she asked Goodman, “How come nobody discusses the MSA in Medicare?” She says Goodman said, “That’s a good question.” She could easily ask Goodman that question today!
I recently saw another reference to the Bayh-Dole act. Imprimis excerpted a talk by John Abramson (link below, if you can allow it): https://imprimis.hillsdale.edu/americas-broken-health-care-diagnosis-and-prescription/
Abramson says that because of Bayh-Dole, between 1991 and 2004 “overall control of the research had moved from the academic centers to the pharmaceutical industry.”
I hit WSJ’s paywall and didn’t read the article, but the Biden administration seems to be going in a different direction from Abramson.
I recently saw another reference to the Bayh-Dole act. Imprimis excerpted a Hillsdale talk by John Abramson titled “America’s Broken Health Care: Diagnosis and Prescription,” which you can find online.
Abramson says that because of Bayh-Dole, between 1991 and 2004 “overall control of the research had moved from the academic centers to the pharmaceutical industry.”
I could be wrong, but don’t believe Abramson is calling for price controls.
When my employer first offered group insurance with an option for an HSA I ignored it. When I did finally enroll in the HSA option it was just a few years before I turned 66. My HSA turned out to be an incredibly good benefit and I regret my Inattention to it because now, as Medicare-eligible, So I can no longer contribute to an HSA plan. I watched my own HSA balance wind down to zero.
Active employees, pay attention. If your employer offers an HSA option, jump in it with both feet. If it doesn’t offer such an option, help drum up support for it among your associates. Either way, you’ll be glad you did.
HSAs are only 19 years old and not 20 like Capretta’s title. In sales when you tell a LIE you are “Blown Out of the Water” because you have destroyed your credibility. Goodman then changes 20 to 30 in his title,ridiculous. On 1/1/24 the HSA will be 20 years old but we really need to wait until 4/15/25 for account balances because HSA account holders who enrolled on 1/1/2004 have until TAX DAY in 2025 to make their 2024 deposit and save on taxes. All the PhDs who discuss HSAs NEVER have real-world experience because they have NEVER enrolled even (1) account. Professionals who actually enroll HSAs have no voice and only amateurish thoughts like CAPRETTA and GOODMAN are put to print. The rest of the article is just as bad with amateurish gibberish that means nothing. I’m not going to discuss all of the faulty opinions of CAPRETTA’S article because I don’t have the time and there are just too many idiot thoughts.
CAPRETTA writes, “Before 2003, Congress had approved more limited tax-preferred accounts to help patients pay for medical services, but restrictions on eligibility, allowable use, and financial rewards limited their appeal.” I enrolled the 1st tax-free MSA in October 1996 just 8 short weeks after Clinton signed the tax-free MSA into law with Kennedy-Kasselbaum legislation. MSAs were restricted to Self-Employed people to keep them away from Employer-Based plans, the IMPORTANT people. Only employees of small employers, less than 50 employees, could enroll ONLY if they were on an Employer-Sponsored plan. I have NEVER put (1) client in my life on a dangerous and deadly “Small-Group” plan. I had the national account with 7-Eleven Franchisees and their 28,000 stores before 1/1/97.
In October 1996 I had Scott Kreinke, VP of TIME Insurance, attend the initial meeting in Dallas for the 7-Eleven meeting on the 34th floor of the 7-Eleven tower which had palm trees. I met Scott on the 1st floor and he brought some girl who was from corporate and was in charge of TIME’s Small Group coverage. I WARNED her before we went up, “Don’t you say (1) word,” and she didn’t (she wasn’t a salesperson). I used a Detroit zip code to explain to Tom the cost of Individual Medical (IM) because Detroit wasn’t the cheapest. The Detroit cost was $34 a month for the $2,250 deductible that paid 100% thereafter for a single male.
I explained to Tom the law in the states required that the Franchisee couldn’t pay 1 penny of the premium so the employees must pay 100% of the premium and the 7-Eleven owner could make the MSA deposit. Tom said, “Wait, are you saying that if the employee pays the $34 the store owner can put $50 in his MSA?” I said, “Exactly!” Tom said, “Wow if the employee doesn’t accept that deal we should fire him because we would have an IQ problem!”
Tom was smart but he said, “We will have to wait until there is another company with MSAs so I can do my due diligence.” I knew that was BS and a common stall because I had the best product with or without the MSA. Tom said, “Maybe someone else will pay more than 3% interest,” that TIME’s MSA paid. Now I knew we were talking BS because the insurance product was the most important consideration. But, I could sense there was no High-Pressuring Tom. So we left the meeting and I had to wait for SLOW Golden Rule and NCPA contributor Andy Rooney to come out with their MSA product which happened in December of 1996.
The next week I was in Paris at the LeGrand Hotel (where Biden got in trouble spending over $500,000 in one night) across the street from the Old Paris Opera for the Annual FORTIS (They owned TIME) meeting. VP Scott Kreinke was there telling everybody about our 7-Eleven prospects. Scott announces on the 1st night in Paris that back in the States TIME’s
Underwriting Department was about to issue the 1st MSA. The 2nd night I won with a 24-year-old male who qualified for Jet Underwriting. The 2nd was some little agency from Oregon who wasn’t in Paris. I had 3 of the 1st 5 MSAs in America. The 3rd MSA was mine from Glenwood Springs, Iowa, a 40-year-old female and her daughter.
FORTIS, the 18th largest corporation in the world, knew how to throw a party. At the formal dinner on the last night FORTIS rented out the Old Paris Opra across the street and Ben Cutler, who merged HIAA (Health Insurance Association of America) and AHIP (America’s Health Insurance Plans) together, awarded me with the 1st MSA in the USA.
We come back to the States and I am waiting and waiting for Golden Rule to come out with their MSA product so I can close the 7-Eleven deal. Finally, in December of 1996 losers Golden Rule and ASS Andy Rooney have an MSA product. I knew it was going to be crap because I’m a professional. Exactly like I always kill Golden Rule the new MSA qualifying coverage had no Dependent Conversion Privilege (DCP) that TIME had. So I faxed the Golden Rule Outline of Coverage to the 7-Eleven Tower and I circled the “Dependent Termination” clause and wrote, “Tom, we don’t want to offer Golden Rule because the 7-Eleven dependents will be terminated at a majority age if they get sick or hurt with Golden Rule. We don’t want to put the dependent children of 7-Eleven owners in DANGER!” Wham! Bam! Thank You Ma’am I had the 7-Eleven account!
I didn’t have to use that the losers Golden Rule takes away policyholders right to sue. Yes, in the land of lawyers, Golden Rule takes away your legal rights. Golden Rule donated to the non-profit NCPA so Dr. Devon Herrick LIES, LIES, LIES and writes that Golden Rule was the 1st to market tax-free MSAs with his, “Brief History of HSAs.” I promptly called Devin and told him he was wrong and suggested a better title would be, “A Brief History of TIME!” Devon has NEVER corrected his LIES. The TRUTH is more interesting than the NCPA’s LIES.
I contacted Dr. John Goodman in 1997 and suggested that he could help with MSA enrollments if he understood the law better and Goodman shot back, “My job is done. It’s your job to market the MSA.” I have NEVER talked to Goodman since. TIME had a meeting in Washington DC at the Willard Hotel and they invited Goodman to speak. I was busy but my wife went and at the end she asked Goodman, “How come nobody discusses the MSA in Medicare?” She says Goodman said, “That’s a good question.” She could easily ask Goodman that question today!
I recently saw another reference to the Bayh-Dole act. Imprimis excerpted a talk by John Abramson (link below, if you can allow it):
https://imprimis.hillsdale.edu/americas-broken-health-care-diagnosis-and-prescription/
Abramson says that because of Bayh-Dole, between 1991 and 2004 “overall control of the research had moved from the academic centers to the pharmaceutical industry.”
I hit WSJ’s paywall and didn’t read the article, but the Biden administration seems to be going in a different direction from Abramson.
I recently saw another reference to the Bayh-Dole act. Imprimis excerpted a Hillsdale talk by John Abramson titled “America’s Broken Health Care: Diagnosis and Prescription,” which you can find online.
Abramson says that because of Bayh-Dole, between 1991 and 2004 “overall control of the research had moved from the academic centers to the pharmaceutical industry.”
I could be wrong, but don’t believe Abramson is calling for price controls.
Sorry, I thought my first comment was rejected because of the link. I should have been more patient.
When my employer first offered group insurance with an option for an HSA I ignored it. When I did finally enroll in the HSA option it was just a few years before I turned 66. My HSA turned out to be an incredibly good benefit and I regret my Inattention to it because now, as Medicare-eligible, So I can no longer contribute to an HSA plan. I watched my own HSA balance wind down to zero.
Active employees, pay attention. If your employer offers an HSA option, jump in it with both feet. If it doesn’t offer such an option, help drum up support for it among your associates. Either way, you’ll be glad you did.