For most people, saving on health insurance is a top priority. High-deductible health plans could be a path to lower monthly premiums. The problem is, you’re stuck paying more until your deductible is met. If you see the doctor often or fill a lot of prescriptions, bills may be higher than you expect.
Even if you have dental insurance, chances are taking care of your teeth takes a bite out of your cash flow. Many dental insurance plans cover 100% of the cost of routine exams, but then require you to cover 20% or so of common procedures such as basic fillings or a root canal, and may slap a 50% copay on you for more involved procedures such as crowns.
The rising cost of prescription drugs is enough to make anyone queasy. In the ten years through 2016, the per-person annual cost of medication increased more than 25% after adjusting for inflation. With the per-person cost now above $1,000 a year, one in four respondents to a national survey report they have a tough time paying for prescription meds.
In today’s world, there are many healthcare savings options. Healthcare can be an expensive necessity, so having a way to save is helpful, but, with all the choices, you may be wondering which type of account is best for you.
“Am I Eligible for a Flexible Spending Account?”
Expenses can really add up each summer as Americans take to their backyards or load their cars up with kids, gear, and dogs to take the annual family vacation. While your HSA might be farthest from your mind as you sit by the pool, it can lower your out-of-pocket costs.
Creating ways to extend the dollar value of an employee’s salary can help improve your benefits offering. HSAs helps employees save more money for health costs.
Keeping more of your money is always a good thing. An HSA can help you maximize your tax savings to save more or invest more money for your financial health future. Understanding HSA tax implications, contribution limits and date requirements are the first steps to ensuring you can maximize your tax savings in 2017. From there, you can work with a certified tax or financial professional to best optimize your HSA funds along with other tax vehicles to save the most tax-free money in 2017.
Saving for retirement is hard enough. Having those hard-earned funds taxed in retirement can feel emotionally frustrating and financially exhausting. No matter how much money you have saved for retirement, the further that money can go, the better. Here is how to use two retirement tax vehicles to save the most money today, and have 100% tax-free retirement income.