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The Super Tuesday Primaries and the 2008 race for the White House has received such international attention, I thought it would be fun to see which of the candidates would be best suited to live or even visit The Great White North. I looked at each of their health care policies and tried to match their strategies to those in Canada, some were easier than others…
Hillary Clinton (Democrat) – A Canadian Living Outside of Quebec, probably in Saskatchewan!
Hillary would mandate individual health insurance coverage for all Americans. Offers federal subsidies for those who cannot afford it. Allows individuals to choose from among several private plans also offered to members of Congress, as well as a new public insurance plan modeled after Medicare. Expands Medicaid and federal children’s health care programs.
Barack Obama (Democrat) – A Canadian most likely to live in “La Belle Province”..does he speak French?
Would create a national health insurance program for individuals who do not have employer-provided health care and who do not qualify for other existing federal programs. Allows individuals to choose between the new public insurance program or from among private insurance plans that meet certain coverage standards. Requires employers who do not provide health coverage for employees to pay into the national health insurance program.
Mike Huckabee (Republican) - Could visit Canada but would probably be driven out of Saskatchewan by mobs!
Says current system is “irrevocably broken” but opposes federally mandated universal coverage. Would encourage private sector innovation to reduce health care costs. Supports market-based approaches at the state level. Would make health care more affordable by reforming medical liability, improving electronic record-keeping, promoting portable health plans, expanding health savings accounts, making health insurance tax deductible, and offering tax credits to low income families.
John McCain (Republican) - Couldn’t even get passed Customs!
Opposes federally mandated universal coverage. Would increase awareness and promote the use of existing children’s health insurance programs while expanding community health centers. Supports health care tax dividends for low-income Americans, medical malpractice reform, improving electronic record-keeping, expanding health savings accounts, and encouraging small businesses to band together to negotiate lower rates with health care providers.
If you want to see more coverage on the candidates, CNN offers an excellent election coverage page you should check out.
Every few weeks, I am showcasing a different advantage of owning a Health Spending Account in this segment called…
HSA Advantage….
If you apply for insurance, one of the first things they ask you for is the list of dependents. Most people have had traditional insurance at some point in their life and so we all know that a dependent is basically your spouse, and children under 18-21 years of age. You can have a child as a dependent over age 21 with many plans however, they need to be enrolled in school full-time. Well, when it comes to Health Spending Accounts, you can kiss this goodbye!
Health Spending Accounts use a different model for determining dependents thanks to the wonderful people at Canada Revenue Agency (CRA). Because the rules for HSA delivery are tied to the guidelines related to taxes and financial dependents, an HSA allows you to cover a wider range of family members, not just the spouse and kids. In the CRA’s interpretation bulletin IT-339R2 Meaning of Private Health Services Plan, it clearly states that the funds may be used by the employee, the employee’s spouse, and any member of the employee’s household with whom the employee is connected by blood relationship, marriage or adoption. This means that in theory, an HSA should be able to cover a grandparent, an uncle, a sister, a nephew or anyone else in your family. Of course, to be a friend of CRA, it is recommended that if you choose to add one of these dependents, they should be financially dependent on you for support in the year.
The key point here is that you are not limited to your immediate family for coverage with an HSA. If you have an elderly parent who relies on you for financial support and care…use an HSA! If you have a brother or sister who struggles to care for their autistic son and rely on you for help…use an HSA! Got a university drop-out son or daughter at home who just won’t leave the nest…use an HSA!
There is no limit to how and who you can coverage with your HSA as long as you remain smart about the guidelines set by CRA. If they rely on you for financial support, then they can be your dependent.
