from FREEDMAN FINANCIAL | October 28, 2016

Hidden Benefit to High Deductible Health Insurance

If you have a high deductible health plan, make sure you also have a Health Savings Account.

Health Savings Accounts (HSA) allow you to contribute pre-tax dollars into an account, grow your money without paying taxes and make withdrawals tax free for qualified medical expenses. An account with TRIPLE tax advantages, how often does that happen?

Opening an account can be done through your employer or on your own as long as you subscribe to a high deductible health plan. While there are limits to amount you can contribute annually, the money is yours if you move jobs or don't spend it in any given year; no "use it or lose it rules" like a flexible spending account. Another advantage of an HSA is there are no income limitations. If you're a high income earner it may be an option to lower your tax bill and grow some money for future medical expenses.

The Often Overlooked HSA

What to Do with Your Cost of Living Increase

Don't spend your Social Security raise all in one place!

If you are collecting social security you may have heard you're getting a raise in 2017. But before you get too excited, you should know that it's only 0.3%. That's about $4/month for the average participant. At least it's better than last year when there was no increase at all. This is the fifth year in a row that the cost of living adjustments for social security participants has remained lower than average.

Perhaps even more unfortunate is that many participants won't even get to enjoy all four dollars, as Medicare premiums will also rise in the New Year. Though if you find yourself with a few more dollars each month, click on the link below to see what you can still buy for a buck.

Things that Cost Only a Buck

IN CASE YOU MISSED IT

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Money Bullies

Ever felt embarrassed, ashamed or defensive when talking about money? You may have encountered a bully!

Money is a subject that many are not comfortable talking about with others. How much we make, what we owe and the size of our net worth is information that many keep very private. But everyone once in a while, you get into a conversation with someone, and they seem to "know it all." They seem to have all the answers to saving, spending and investing. They make you feel small and embarrassed. Fret not, click on the link below to learn to deal with a money bully or maybe see if you are one.

6 Types of Money Bullies & How to Handle Them

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