Learn how an HSA can work for you.
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How To Get 100% Covered And Spend The Least Amount You Have To
And Finally Take Control Of Your Health Insurance
To build the foundation for long-term success, you need to plan with a proven strategy that fully serves you today and well into the future, beyond your enrollment in Medicare.
Your approach to health insurance and the amount you spend should be no different than your approach to investing for retirement. You’ll need the same discipline and focus, with a keen eye on the present and and a keen eye on the future. This plan of action works for any budget and any age. As with all retirement plans, the time value of money is always helpful….the earlier you start, the better your results may be.
Key Information To Gather
>>Review your current health insurance plan information. That means read your policy or plan booklet, if provided by your employer. The key is not your deductible, but, rather your Out Of Pocket Maximum for the year.
>>Know the date when your policy renews. You’ll want to be prepared at least 30 days ahead of open enrollment for the upcoming plan year. Many policies renew on January 1st of each year, but just as many do not. Know your policy renewal date and when open enrollment begins. Don’t miss it! Do not wait!
>>Know which federal income tax bracket you are in now and anticipate the federal income tax bracket you will be in for the coming year. As you progress in your career, your tax bracket is likely to change. Your tax bracket will determine how much money will be credited back to you by Uncle Sam when you file your taxes the following year.
>>Review your savings accounts to determine what is available and easily accessible by you. Do not include 401(k), SEP, SIMPLE or IRA in your determination.
The Two Essential Components You Must Have
High Deductible Health Plan
Health Savings Account
Why?
Plain and simple……You save more of your hard-earned money!
The premium you pay is LOWER the higher your deductible and out of pocket maximum. Why pay the insurance company more than you have to?
Your Health Savings Account (HSA) is money that you have already earned that is not subject to federal income tax. That’s at least 25% off! If you could save 25% (or more) on anything you buy, why wouldn’t you take it?
When structured properly, you’ll be 100% covered AND save a boatload of money now and into the future.
So How Does An HSA Work With A High Deductible Health Plan?
A High Deductible Health Plan (HDHP) is required to open an HSA…hit play and I’ll explain…
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I prefer Lively HSA for my HSA. Why? Lively is FREE, online and it’s paperless. Plus, I can easily invest my HSA the way I want and any way I choose. I’m in control.
Note: I receive nominal compensation from Lively HSA. Lively is free for individuals.