- Health Insurance Options for Retirees Younger Than 65
Retirees under age 65 face a unique challenge: As they don’t yet qualify for Medicare, they’ll need to secure some other form of health insurance coverage. From employer-sponsored plans to individual marketplace policies, there are many options available. Here’s what you need to know. A financial advisor can help you create a retirement plan that… read more…
- Can I Add My Retired Spouse to My Health Insurance?
If your spouse retires before you, a common question many people ask is, “Can I add my retired spouse to my health insurance?” The answer often depends on your specific health insurance policy and circumstances. By understanding the process and eligibility requirements, you can make sure that your spouse receives the necessary coverage without any… read more…
- Can I Contribute to an HSA Without an HDHP?
HSAs are not just a means to set aside funds for medical expenses. They’re a strategic financial tool that provides tax advantages and long-term savings potential. These accounts allow you to contribute pre-tax dollars, grow your savings tax-free and make tax-exempt withdrawals for qualified medical expenses. Understanding the rules that govern HSAs can help you… read more…
- How to Deduct Health Insurance Premiums If You’re Self-Employed
If you’re self-employed, you can deduct the premiums that you pay for health insurance, saving money at tax time and helping to offset the cost of health coverage. The self-employed health insurance deduction is an above-the-line deduction, so you don’t have to itemize deductions to take it. It’s not available in all situations, however. Key… read more…
- What Happens to Your HSA When You Change Jobs
When you change jobs to a new employer you leave your old position behind but your health savings account (HSA) comes with you. You retain complete control over it and can keep paying your medical bills with the funds in your account. This is the case whether your HSA was set up through your former… read more…
- Documents You Need to Apply for Medicare in 2024
Medicare enrollment starts with your application. You can typically initiate this process on the Social Security website or at your local Social Security office. And it requires the completion of certain forms. Applicants will have to provide information about their identity, employment history and health status. The process can typically span up to three months.… read more…
- What Is the Medicare IRMAA and How Is It Calculated?
Understanding the concept of income-related monthly adjustment amounts (IRMAAs) is crucial for anyone navigating the Medicare system. In simple terms, an IRMAA is an extra charge added to your monthly Medicare Part B (medical insurance) and Part D (prescription drug coverage) premiums if your income is above a certain threshold. It serves as a mechanism… read more…
- Health Insurance Options for High-Net-Worth Individuals
In the intricate world of healthcare and insurance, high-net-worth individuals often face unique challenges and opportunities. Their healthcare needs, lifestyle and financial situation necessitate a different approach to insurance, one that is tailored to their specific circumstances. Whether you have a high net worth or not, a financial advisor can help you manage risk and… read more…
- Dental Savings Plan vs. Insurance: Pros and Cons
Health insurance doesn’t cover your teeth. Your teeth can cause pain, get infected and need treatment, just like any other part of the body. But when it comes to actually getting treatment the standard health insurance doesn’t cover it. Instead, you… read more…
- What Medicare Assignment Is and How It Impacts You
If a doctor or other healthcare provider accepts a Medicare assignment for a particular service, a patient covered by Medicare will likely have to pay less out of pocket for that service. Accepting Medicare assignment means the healthcare provider has… read more…
- Differences of Medigap vs. Medicare Advantage
Medigap and Medicare Advantage are both healthcare plans used by people in retirement. Medigap insurance helps supplement areas like coinsurance, deductibles and copayments. Medicare Advantage, sometimes called Part C, plans are offered by private firms approved by Medicare. We’ll dive… read more…
- Vanguard’s 3 Steps to Maximizing Your Medicare Coverage
When it comes to Medicare, understanding your healthcare needs and finding the right coverage are essential. But as you get close to or enter retirement, making decisions about your health can be overwhelming. To make the process a little easier, Vanguard… read more…
- What Is a High-Deductible Health Plan?
According to the U.S. Bureau of Labor Statistics, the average American household spent $5,177 on healthcare costs in 2020. With healthcare costs eating into many American budgets, you may wonder if a high-deductible health plan (HDHP) can cover some of those expenses or leave you on the hook for necessary medical care. Let’s break down… read more…
- HSA Withdrawal Rules
A health savings account (HSA) is a specialized savings account for individuals with a high deductible health plan (HDHP). Although building savings in this account is a good idea, it’s important to understand HSA withdrawal rules. Let’s take a closer look at the HSA withdrawal rules to keep in mind. If you need help applying these… read more…
- HSA Eligible Expenses
A health savings account or HSA offers a tax-advantaged way to save for healthcare expenses. You might have an HSA if you’re enrolled in a high deductible health plan (HDHP). These accounts can’t be used to pay for every expense,… read more…
- How to Open an HSA
A health savings account (HSA) allows you to set aside pre-tax money for qualified healthcare expenses. You can set up an HSA account with a bank, investment firm or other qualified financial institution. Many employers also offer access to HSA… read more…
- Pros and Cons of HSAs
Health savings accounts (HSAs) provide potent tax advantages to people saving for future medical expenses. HSAs are also portable if you change jobs and unused funds roll over at the end of the year. However, HSAs require participating in high deductible health plan (HDHP), which exposes savers to potentially high medical bills. They can only… read more…
- HSA Triple Tax Advantages
A health savings account (HSA) offers a unique opportunity to build your investments. The triple tax advantages found through this account make it worthwhile to consider. Here’s what you need to know about the HSA triple tax advantage. A financial advisor could help you create a financial plan for your investment needs and goals. What… read more…
- The Basics of Medicare Eligibility
Medicare is a federal health insurance program widely used by U.S. citizens and permanent residents age 65 and older. The program also applies to those younger than age 65 who have disabilities, end-stage renal disease (ESRD) or other diseases. But… read more…
- 5 Alternatives to Paying for Health Insurance
Traditional health insurance can be very expensive, but there are lower-cost alternatives. As you look for ways to save money while also protecting yourself in case you get sick or injured, it pays to be informed about those options. While… read more…
- Medicare for All: Definition, Pros and Cons
Medicare for All is a proposed new healthcare system for the United States where instead of people getting health insurance from an insurance company, often provided through their workplace, everyone in America would be on a program provided through the… read more…
- Who Qualifies for Medicaid?
To qualify for Medicaid, you have to meet certain income requirements. This is a federally run health insurance program designed to help the needy access quality healthcare. Eligibility varies by state, but you have to meet some general conditions. This… read more…
- Turning 26? Here’s When to Get Health Insurance
The age of 26 is the magical time surrounding the Affordable Care Act (ACA). Until they turn 26, young adults are allowed to remain covered by their parents’ health insurance plans. If your 26th birthday is right around the corner… read more…
- What Is a PPO?
A preferred provider organization (commonly referred to as a PPO) is one of many types of health insurance options available. A distinguishing feature of a PPO is the ability to see doctors as you please, with low rates for providers… read more…
- What Is an HMO?
Picking a health insurance plan for the first time can be quite challenging. There are many different kinds of plans to choose from. And you may need to have coverage from multiple insurers in order to get all of the… read more…