One of the most unique health insurance plans available today is an HSA Tax Favored Plan. These plans enable you to have coverage for medical expenses while also paying into a savings account to be used for future medical expenses. They are similar to FSAs – Flexible Spending Arrangements – in that the amount you set aside is not taxed. They differ in that the amount in the account doesn’t need to be used during the calendar year. It can roll over indefinitely, making an ideal way to plan for future medical expenses.
An HSA Tax Favored Plan is even better when your employer is matching all or part of what you put in. This is like getting an instant pay raise and even better because their contributions are not included in your income. If you use the money for a qualified medical expense, it isn’t taxed, so this really is a wonderful way to handle medical costs down the road.
One way to incorporate participating in an HSA Tax Favored Plan into your retirement plans is that you can later use the money to pay for out-of-pocket expenses when you are on Medicare or use it to pay for premiums for Medicare supplemental insurance. This can make your retirement years practically worry-free in terms of medical expenses.
If you have questions about how an HSA Tax Favored Plan works and how it can be a part of your plan for an easier retirement, or if you have questions about Medicare supplement plans and other things you need to know either before you reach or upon reaching retirement, don’t hesitate to contact us at Al Crouse and Associates. We have more than 70 years of insurance experience, so we are confident we can help you develop a plan that makes your golden years as golden as possible.
Al Crouse & Associates, based in Hickory, NC, uses over 70 years’ experience to help you find an affordable health insurance plan with the coverage you need.Al Crouse and Associates
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