Thursday, December 15, 2011

Rising Healthcare Costs-What can you do?

Healthcare premiums, co-pays, deductibles and Maximum out-of-pocket expenses are trending higher.
Examine your options

If your spouse has group healthcare benefits, look at both plans to maximize benefits and minimize costs. Look at out-of-pocket expenses, deductibles, co-pays and other factors that can reduce your premiums. Ask about your options before the open enrollment period comes around and determine your selections after careful consideration.

Health Savings Accounts (HSAs)

Many employers are offering a combination of high-deductible plans and health savings accounts (HSAs). Through a health savings account, insured workers can learn to better control their own healthcare costs while also taking advantage of tax breaks and, in many cases, matching employer contributions. Contributions to an HSA are tax-free and the funds can then be used to pay for medical expenses with no taxes on the withdrawals. Combining a high-deductible health insurance plan with an HSA can lower premium costs and reduce income taxes.

Plan to bridge the medicare gap now by stashing money in an HSA (up to $7,150 for a couple), you can save on income taxes and premiums and set money aside for future medical expenditures.

Tuesday, December 13, 2011