Why Save to a Dependent Care Flexible Spend Account (DCFSA)?
Among the list of savings accounts offered by an employer (FSA, HSA, 401(k), etc.), the Dependent Care Flexible Spending Account (DCFSA) can be a powerful tool for parents. It is a tax-advantaged account designed to pay for childcare expenses. The DCFSA allows you to save up to $5,000 pre-tax money in 2024. You can then […]
Medicare’s Secret Form – Which Could Come in Handy for You
As most people know, Medicare eligibility begins at age 65. And once you are enrolled in Medicare, your premiums are determined based on your level of income (the idea being that those with higher income pay higher premiums). But here is the catch – it is not your most recent tax year that determines your […]
HSA Planning: Drawdown and Estate Planning
The IRS recently announced the annual HSA contribution limits for 2024: $4,150 for self-only coverage and $8,300 for family coverage. This is one of the most significant jumps in years and not surprising, given the latest inflation trends. And if you are 55 or older, you can tack on an additional $1000 catch-up contribution. What […]
Long-Term Care – To Insure or Not to Insure?
In our work with pre-retiree and retired clients, we often get questions surrounding the applicability of long-term care (LTC) insurance to their particular financial situation. LTC insurance is, in many cases, viewed as this mysterious box of unknown benefits and costs and often clients are even afraid to inquire about the topic. So, let’s take […]
Benefits of Investing Your HSA
A Health Savings Account (“HSA”) is an investment account used to save pre-tax funds that will grow tax-free to pay for medical expenses. There is no downside to saving into an HSA due to its triple tax-free nature and a number of benefits. The first benefit is that you are saving pre-tax dollars in an […]
The QHFD- What, Who, How and Why
We have lauded the benefits of Health Savings Accounts (HSAs) many times in past blogs. They can boost your retirement savings and be a great resource to cover medical expenses in retirement. In fact, a recent article in Forbes touts these savings vehicles as perhaps the best retirement planning tool available. A recap of the […]
HSA Portability- Bring your HSA With You!
If you read our blog titled The Long Term Power of the HSA, then you know that we are big proponents of Health Savings Accounts (“HSAs”). By taking advantage of all that HSAs can offer, you can really propel your savings forward and rest in peace knowing you have a plan to tackle your looming […]
How Disability Insurance Works (When You Can’t)
One topic that often is overlooked when it comes to personal finances is risk exposure. Risk is why all sorts of insurance products exist. Sure, we know we need car insurance in case we are in an accident and medical insurance in case we have an accident or severe illness. These types of insurance policies […]
Getting Started on Medicare
All Americans who are age 65 and over are eligible for Medicare. Medicare can be overwhelming for those approaching age 65 and faced with having to enroll in this government managed health insurance program. The purpose of this blog is to take some of the mystery out of Medicare and assist you with the appropriate […]
Medical Sharing- Healthcare Sharing Ministries
Over the past several years, millions of individuals and families have lost their healthcare insurance because their plans did not meet the standards required by the Affordable Care Act, also known as Obamacare. Others have found the health insurance plans available to them are unaffordable, and some object to participating in Obamacare on moral grounds. […]