Health Savings Account Basics
Who Can Establish an HSA? Any individual with a high deductible health insurance plan can establish an HSA. In 2015, you have to have an annual deductible of at least $1,300 for an individual or $2,600 for a family. Your plan must also limit your annual out of pocket expenses to $6,450 for individuals and $12,900 for families. You cannot establish an HSA if you are entitled to or enrolled in Medicare, you can [...]
Paying for Nursing Home Care
Unfortunately, nursing home care is a reality that many of us have to face; either dealing with it for a loved one, or for ourselves, which is why it is vital to find the right home care packages for the situation. It can get very expensive, very quickly. Generally speaking, there are three ways to pay for this care: from your savings (self-insure), with a long-term care policy (LTCI), or with government benefits. Self-insure [...]
Medicare Misconceptions
Medicare Misconceptions Medicare misconceptions are dangerous. They can wreak havoc on your retirement and financial plan. This article clears up three common Medicare misconceptions to help you navigate Medicare successfully. 1. Medicare is Free Medicare Part A is free of premium for most people. But Part B has a monthly premium. In 2021, this premium starts at $144.60 a month. In addition to this premium, you are also responsible for deductibles and co-insurance. For [...]