- How to Use an HSA to Pay for COBRA
You can use money from a health savings account (HSA) to pay for COBRA health insurance, allowing you to cover premiums with tax-free withdrawals. COBRA premiums qualify as medical expenses under HSA rules, which can make an HSA useful for maintaining coverage after leaving a job. Before using these funds, it’s important to understand the… read more…
- Can You Use HSA for Health Insurance Premiums After Retirement?
A health savings account (HSA) can support your retirement plan through tax-deductible contributions, tax-free growth and tax-free withdrawals for qualified medical expenses. But not all insurance premiums qualify, so it’s important to know which costs you can and cannot cover with HSA funds. A financial advisor can help you review your expected healthcare needs, compare… read more…
- 13 Jobs for Seniors: Occupations, Trends and Salary
Jobs for seniors span a wide range of industries, offering flexibility, social engagement and opportunities to apply existing skills. Part-time or project-based jobs can help older adults stay active, supplement their retirement income or explore new interests. Many employers value the reliability and experience that older workers bring, and remote work has expanded options even… read more…
- Can You Use Your HSA for a Gym Membership?
Health savings accounts (HSAs) allow individuals with high-deductible health plans to set aside pre-tax money for medical expenses. Some may consider using HSA funds for non-traditional expenses like gym memberships. While gym memberships can improve health, only qualified medical expenses are covered. Here’s what you need to know. A financial advisor can help you assess… read more…
- 6 Reasons You Should Use a Health Savings Account (HSA)
A health savings account (HSA) offers a tax-advantaged way to save for healthcare expenses while providing flexibility and control over how you manage your medical costs. The benefits of a health savings account include tax-free contributions, tax-deferred growth and tax-free withdrawals for qualified expenses. An HSA combines the benefits of a savings account with the… read more…
- How Does Medicare Work If You Have Retiree Insurance?
Leaving the workforce doesn’t necessarily mean leaving employer-provided health insurance behind. Some companies continue to offer retirees health coverage, even after they stop working and enroll in Medicare. When that happens, Medicare generally becomes the primary payer. Different rules may apply when it comes to prescription drug coverage, however. And age at retirement is another… read more…
- What Is a Retiree Reimbursement Arrangement?
Retiree reimbursement arrangements (RRAs) are a type of savings plan funded solely by employers to help their now retired former employees pay for medical expenses, including Medicare premiums and copays. While RRAs cater to the needs of retirees, active employees may find similar benefits in health reimbursement arrangements (HRAs). A financial advisor can help you… read more…
- Research Shows How Your Healthcare Plan Should Account for HSAs
Employers have embraced high-deductible health plans (HDHPs) so enthusiastically that today half of workers with employer health coverage get it from these plans. HDHPs aim to make consumers more cost-conscious, but they potentially could encourage some workers to save money by skipping beneficial preventive health services. The IRS tried to address that concern by making… read more…
- Jobs That Offer Health Insurance After You Retire
If you’re aiming for early retirement before age 65, it’s crucial to explore your healthcare choices. Some employers extend healthcare benefits to those who retire early, making the search for health coverage more manageable. If you’re pursuing early retirement, here’s a list of jobs worth considering. A financial advisor can help you create a financial… read more…
- Fidelity Says This Is How to Get More Out of Your HSA
Health savings accounts (HSAs) are one of the least-known retirement tools available but they can make a big difference in preparing for what can be the biggest concern in retirement – covering healthcare costs. That’s because HSAs offer a triple tax benefit: your money goes in tax-free, your account earnings aren’t taxed and withdrawals for… read more…
- How to Pay for Nursing Home Care
Nursing home care can be extremely expensive. According to Genworth’s 2021 Cost of Care Survey, the median monthly cost of a private room is a nursing home is $9,034. That’s over $100,000 a year! And most people will need nursing… read more…
- You May Be Eligible to Save Over $10K in Your HSA After Largest-Ever Contribution Limit Increase
People with health savings accounts (HSAs) got some good news this week when the IRS rolled out the largest contribution limit increases in history. In 2024, an individual with self-only coverage can save up to $4,150 in an HSA, while a… read more…
- Half of Americans Won’t Be Able to Afford Their Standard of Living in Retirement: Here’s What You Can Do
Will you have to downsize in your retirement? Many families plan to adjust their lifestyles in retirement. They swap the family house, say, for a smaller home. Or they move to a less expensive community. When this is a choice,… read more…
- Healthcare Will Cost More Than Most Retirees Have: Here’s Why Medicare Isn’t the Answer
For the average American, healthcare in retirement will cost more than they have in their entire savings account. And unfortunately, Medicare won’t help. Healthcare, of course, is the single biggest line item that most retirees need to prepare for. Recently,… read more…
- Cost of Healthcare in Retirement
Healthcare is one of the biggest costs you will face in retirement. In fact, by many estimates, it’s the single biggest cost for retirees. A representative study by Fidelity found that a 65-year-old couple in 2022 will need more than $315,000… read more…
- Health Savings Account (HSA) Rules for Spouses
Health Savings Accounts (HSAs) offer triple tax benefits. Contributions are tax-deductible, they grow tax-deferred and withdrawals are tax-free when used for eligible medical expenses. If you’re married, you might be wondering if you can use your HSA funds to pay… read more…
- Guide to Healthcare Costs in Retirement
Retirement is often considered a great time to travel and do things you’ve been planning for years. You save and invest for multiple decades before deciding to stop working and move into the next phase of your life. Unfortunately, not… read more…
- Employers Are Looking at New Options for Early Retiree Healthcare
Healthcare is one of the biggest expenses for many Americans, especially those who are retired. While retirees who’ve reached age 65 are able to use Medicare, people waiting for that age are reliant on either paying for personal insurance or,… read more…
- With Medicare Part B Premiums and Out-of-Pocket Medical Costs on the Rise, Retirees Need to Prepare
One risk that retirees face is the uncertainty that surrounds their out-of-pocket health costs, over and above their predictable insurance premiums. A new analysis finds that households of 65-year-olds or older, on average, would pay an estimated $67,000 in out-of-pocket… read more…
- Aiming to Sell Your House and Buy a Retirement Home? Here Are 3 Options
Housing wealth is a major financial asset for homeowners heading into retirement, but if you’re planning to cash in by selling a larger home to downsize in retirement you may need to think again. Rising interest rates and declining home values amid… read more…
- Inflation Reduction Act: 5 Ways Retirees Can Save on Healthcare
The recently passed Inflation Reduction Act contains five new healthcare benefits for retirees. Because Congressional Democrats in the Senate passed the Inflation Reduction Act through the reconciliation process, its healthcare provisions apply only to Medicare, Medicaid and other government programs. Consider… read more…
- Cost-of-Living Rider Life Insurance
When planning your retirement, it’s important to consider how inflation and a rising cost of living may impact your purchasing power. If you have a life insurance policy, you might decide to add a cost-of-living rider as a potential hedge against inflation. This type of rider can also be added to an annuity contract as… read more…
- Can You Have More Than One HSA Account?
It is common for people to have more than one health savings account (HSA.) Changing jobs can lead to someone having multiple HSAs. Having more than one HSA offers some potential advantages, such as the opportunity to take advantage of employer matches with one HSA while enjoying expanded investment options with another HSA. However, fees… read more…
- HSA Beneficiary Rules
Health savings accounts (HSAs) allow you to save money for healthcare expenses while enjoying some tax breaks. This type of tax-advantaged account is associated with high deductible health plans (HDHPs). If you have an HSA, you can name a beneficiary to receive the money in your account should something happen to you. There are some… read more…
- Average HSA Balance By Age
Health savings accounts or HSAs help offset your out-of-pocket healthcare costs when you have a high-deductible health plan (HDHP). HSAs offer tax advantages that make them useful for covering medical costs in retirement. Taking a look at the average HSA balances by age can help you see how you stack up. While it’s wise to… read more…