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Alison Brew
Account Manager
LTM Client Marketing
236 Broadway
Menands, NY 12204
Phone: 518-870-1083
Fax: 800-720-0780
Email: abrew@ltmclientmarketing.com
Website: www.ltmclientmarketing.com
We all know health insurance costs are growing, but do you realize by how much? According to the Peterson-Kaiser Health Tracker, healthcare costs rose 21.6% while general inflation grew 7.3% since the end of 2007. With no end to rising healthcare costs in sight, Health Savings Accounts (HSAs) can help mitigate some of the pain.
In retirement, rising costs can be devastating if you don’t have a plan to keep pace. One survey of such costs estimates an average couple retiring at age 65 in 2018 will need $280,000 in today's dollars for medical expenses in retirement. Clearly, retirees will feel the squeeze.
You need a high deductible health plan (HDHP) to qualify for an HSA (see adjoining article for limits). While you’ll owe a penalty and income tax on the amount of HSA withdrawals used for nonqualified expenses before age 65, you can take penalty-free withdrawals for any reason once reaching age 65 and pay tax on the amount of nonqualified distributions.
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