Healthy Mind, Healthy Body, Healthy Pocket

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

Published by Taylor Financial Group (for women)

At the end of the day, we all strive to be healthy. I do my best to stay healthy by jogging during what little free time I get, eating foods that are good for my body (that doesn’t mean I don’t enjoy the occasional donut once in a while!), and by taking time to reflect on my thoughts and feelings.  However, remaining healthy goes much deeper than this. And, since health care can become quite an expensive burden, it’s important to make every effort you can to stay as healthy as possible. Here are 5 tips to help every woman save on health care. After all, health is wealth, right?

Get a high-deductible health plan. The difference between a high deductible plan and a low deductible plan can be significant.  For instance, a family premium on a typical employer-offered low deductible plan could be $467, compared to a high deductible plan at a premium of $321. This strategy can pay off (even if you aren’t in tip top shape) as long as you have enough cash on hand to cover the higher deductible.

Open and fund an HSA (Health Savings Account). One of the benefits of having a high deductible plan is that you can also open an HSA. This gives you the opportunity to set aside annual pretax dollars (up to $6,550) for medical expenses now or in the future! Plus, once you’re retired, you can use HSA money for Medicare premiums (it’s a win-win situation!). In fact, HSAs are beginning to be looked at as another form of retirement account.

Check if your employer offers incentives.  Many large companies offer wellness programs that give financial incentives to participate in actively improving your health, like gym memberships, annual medical tests, etc. (make sure to ask your employer!). Imagine earning money for running on the treadmill or getting your cholesterol checked! The average employee wellness incentive can add up to $742! That’s a lot of “free” money.

Use Groupon! The site most often used to find discounted Zumba classes and 20% off all you can eat sushi, can now also be used for wellness visits! Groupon offers discounted eye, dental, and chiropractic exams. For example, if you’re insurance doesn’t pay the $68 average fee for the chiropractor your seeing twice a week, Groupon can save you around $1,000 by lowering that fee to just $25.

Sign up for Medicare on time.  Don’t be that woman who’s always late, especially not when it comes to signing up for Medicare. If you don’t sign up for Medicare Part B by age 65 ¼, your monthly premium increases by 10% for every 12-month period that you’re late. This means that enrolling a year late will cost you $1,000 extra after just six years. Think about all the other ways you can spend that money.

Don’t let health care costs cause you financial trouble.  If you have questions about planning for health care costs in retirement, give us a call.  We are happy to help you figure it all out.


facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.


Charitable Giving Strategies in a High-Income Year

Tom Fridrich, JD, CLUⓇ, ChFCⓇ, Senior Wealth Planner  The end of the year offers an ideal opportunity to look both forward and back — reflecting on recent achievements, while setting goals for the upcoming months. For many of my clients, it’s also a time to review their finances and i …

Let’s Talk About Midterm Elections and Your Investments

This week was midterm elections and we’ve had many questions about what it all could mean, which we’ll tackle in today’s blog. We consider it a great honor to vote, and while we may not know the final results of the election for days (or even months), what we do know is the election will …

Traditional IRA & Roth Conversion

If you have a Traditional IRA, you may benefit from doing a Roth conversion this year (and if you already performed a conversion this year, you still have time to do an additional conversion before year end). We typically favor Roth IRAs (over Traditional IRA balances) as Roth IRAs grow tax …

3 Nontraditional Ways to Give That Still Qualify for a Tax Deduction

Kevin Oleszewski, Senior Wealth Planner ‘Tis the season to give. In fact, 37% of charitable giving occurs during the last quarter of the year — 20% of it in December alone, according to a survey conducted by the Blackbaud Institute. And while the holidays are traditionally a time to reflect …
1 2 3 219 220 221

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation