I have a client living in a $600,000 beach house...getting a nice subsidy...
Another who had to show proof of investment income, has assets north of $2mm. Generates about $60k in income a year.
There was only one insurance company that supported MSAs and wanted to offer them in the marketplace. That was Golden Rule. Its leader, Pat Rooney, was a tireless advocate.
-------------
The early exception was Golden Rule. Up until the passage of HSA legislation in 2003, Golden Rule’s annual contribution to the NCPA averaged about $100,000 in today’s dollars. Pat Rooney was a member of our Board of Directors. He and I spent many, many hours working together to make HSAs a reality. After HSA legislation passed in 2003, the value of Golden Rule soared and Pat ultimately sold it to UnitedHealthcare for a great deal of money. Beginning in 2004, and as the company was becoming increasingly profitable, however, they cut their contribution to the NCPA by two-thirds and began paying quarterly – without any future guarantees. I sent the second check back with a note that said “you apparently need this more than I do.”
