Due to the parade of changes marching through the government, federal funding for affordable healthcare was slashed in 2018. With the rising costs of health care plans, employees of small companies and corporations are being forced to embrace high deductible health plans (HDHPs). The main downside of a HDHP is that they MUST have a minimum deductible, which is set each year by the IRS. This means that the plan cannot have a deductible that is less than $2,700 for family coverage and $1,350 for single coverage. As a result of this minimum deductible amount, HDHP’s viability as an affordable healthcare plan is jeopardized.
Thankfully, there is a little-known tax-advantageous option available that can help many Americans budget better for health emergencies called the Health Savings Account (HSA). HSAs were created by the IRS for qualifying taxpayers to receive a tax benefit for medical expenses paid. The HSA savings account has tax advantages such as, the funds grow tax-deferred and contributions are tax deductible.
WellPath Partners is your senior resource referral guide. Follow us on ALL social media platforms and join us weekly for more content and public health discussions.
Learn more here.
