Any of you money gurus ever heard of this, my 85 year old neighbor came over asking about them, some guy approached him about buying into one. From what I can find its a scam using whole life insurance.

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Posted by Shexter

Prairieville

Member since Feb 2014

13815 posts

Posted on 3/6/15 at 11:45 am to tdog

https://www.tigerdroppings.com/rant/b/60/money-talk/

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Posted by WG_Dawg

Hoover

Member since Jun 2004

86422 posts

Posted on 3/6/15 at 11:46 am to tdog

quote:
my 85 year old neighbor came over asking about them, some guy approached him about buying into one

If someone is approaching an 85 year old telling them they need to buy some sort of account, I would presume that it's not exactly on the up and up.

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Posted by tigerstripedjacket

This side of the wall

Member since Sep 2011

2992 posts

Posted on 3/6/15 at 11:47 am to tdog

I'm in a 775 Plan - it can be legit if you're buying through the gov. It's one of the few bright spots in ObamaCare.

Basically government matches dollar for dollar every one you contribute to your health savings account up to a predetermined amount (775$)

so for 775$ you get 1500$ to spend on healthcare no strings attached

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Posted by tdog

Madison

Member since Oct 2011

343 posts

Posted on 3/6/15 at 11:47 am to WG_Dawg

Guy told him its a tax free savings account that draws 9%. I told him to stay away but i would ask around.

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Posted by Kingpenm3

Xanadu

Member since Aug 2011

8948 posts

Posted on 3/6/15 at 11:52 am to tigerstripedjacket

quote:
Basically government matches dollar for dollar every one you contribute to your health savings account up to a predetermined amount (775$)

so for 775$ you get 1500$ to spend on healthcare no strings attached

Sounds like fishy math.

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