- Average Cost of Retirement Health Insurance for Ages 62 – 65
If you buy health insurance independently instead of obtaining from an employer or government program, your monthly premiums will increase markedly as you get older. As you approach retirement, in fact, you’ll find yourself paying premiums up to three times what younger insured people pay for plans. An estimate from the Urban Institute, for example,… read more…
- Can You Use an HSA While Enrolled in Medicare?
Health savings accounts (HSAs) provide a tax-advantaged way to pay for medical expenses. But once you enroll in Medicare, contributions must stop. You can still use existing funds in the account. Though, to avoid tax penalties, you should plan to stop contributions at least six months before enrolling in Medicare due to retroactive coverage. Even… read more…
- Are Vitamins Covered By Your HSA?
Health savings accounts (HSAs) can be a good way to save for medical expenses while enjoying several tax advantages. An HSA allows you to set aside pre-tax income to cover qualified health-related costs, but not every expense is eligible. Many people with HSAs wonder if health savings account vitamin and supplement purchases fall under these… read more…
- Can You Use a Health Savings Account (HSA) for Dental?
Health savings accounts (HSAs) offer great tax benefits and flexibility for covering a variety of medical expenses, including those not typically covered by health insurance. For example, dental costs can add up quickly with procedures like root canals, fillings, or braces, which most health insurance plans don’t cover unless it’s an emergency. HSA funds can… read more…
- Can You Use an HSA to Pay for Medicare Premiums?
Health savings accounts (HSAs) are a valuable and highly tax-advantaged tool for covering medical expenses. When you transition to Medicare, which most Americans become eligible for at age 65, you can continue using your HSA to cover qualifying health-related costs including most Medicare premiums and expenses. There are some limitations and rules to be aware… read more…
- How to Choose a Medicare Plan for You
Figuring out how to choose a Medicare plan begins with understanding your healthcare needs and matching them with the right coverage options. With a variety of plans available, you’ll need to compare benefits, costs and provider network to ensure your selected plan aligns with your health requirements and budget. You may consider working with a… read more…
- What Are Dental Savings Plans and How Do They Work?
Dental savings plans can help reduce out-of-pocket expenses for routine checkups, treatments and even major dental procedures. It’s important to understand the benefits and limitations of dental savings plans, so you can manage your costs effectively. Whether you prioritize affordability, flexibility in choosing providers, or comprehensive coverage, understanding the different types of dental savings plans… read more…
- 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 2025
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
Health Savings Accounts (HSAs) offer a tax-advantaged way to save for medical expenses, but understanding the withdrawal rules is crucial to maximizing their benefits. An HSA allows you to set aside pre-tax dollars for qualified medical expenses, providing a financial cushion for healthcare costs. However, to fully leverage this tool, it’s important to know when… 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 several tax advantages to people saving for future medical expenses. They also go with you if you change jobs, and unused funds roll over at the end of the year. However, to be eligible for an HSA, you must participate in a high deductible health plan (HDHP), which exposes you… 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…