If you have an HSA or are planning on opening one, you’re in luck: The IRS has announced higher contribution limits for 2020. Starting next year, you can contribute up to $3,550 for individual coverage, or $7,100 for family coverage. And, if you’re 55 or older, you can contribute an additional $1,000 per year. You can contribute to an HSA if you have a health plan with a minimum annual deductible of $1,400 for individual coverage [...]
Do you have a Health Savings Account (HSA)? If so, you should note that the rules regarding HSAs change when you turn 65. Healthcare costs in retirement are rising, and an HSA can be a good way to cover future medical expenses, both for you and your spouse. However, once you sign up for Medicare, you can no longer contribute to an HSA. So, here is how you can make the most of what you’ve saved [...]
We know life is like a box of chocolates – but what about retirement? Do you really know what it holds, or how much it will cost? It’s easy to budget based on your current lifestyle, but what about anticipating major unexpected costs? The truth is that as you get older, it’s likely you’ll have to spend more on healthcare. But the truth is also that there are things you can do to plan ahead for [...]
Healthcare costs can skyrocket in retirement, and Medicare only covers so much. A Health Savings Account (HSA) allows you to set aside pre-tax money to pay for qualified medical expenses like deductibles, copayments, and coinsurance to help cover your healthcare costs. An HSA is a great retirement planning tool, especially when paired with an IRA (Individual Retirement Account). And so, here are some of the potential benefits of pairing your IRA with a Health Savings Account. [...]
November is long-term care awareness month. This month it’s especially encouraged for you to start planning for long-term care, or to update your plans according to your lifestyle. If you are in or approaching retirement, long-term care is probably something that is on your mind frequently, because there’s a lot of myths revolving around it. These myths and misunderstandings can seriously impact your long-term care plans, and it’s important to know the facts. In your later [...]