Use HSAs To Maintain The Health-Wealth Connection
By Michaela Scott
Anyone who plans to retire must also plan for the inevitable healthcare costs that come with aging.
According to estimates from recordkeepers and employee benefit research organizations, the average retired couple will spend over a quarter million dollars for healthcare and medical expenses in retirement. That is baseline, and without proper planning, a single healthcare emergency – which already carries financial burden and stress – can derail a retirement plan and create a self-reinforcing cycle of health and financial problems.
Financial advisors are not doctors, so we may not call it malpractice, but ignoring clients’ healthcare needs is definitely negligent. The scale of the necessity requires us to help both individual and corporate clients plan for current and future healthcare costs. One way to keep clients on track is by taking advantage of an underused and underexplained financial tool: Health Sav
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Sen. Ted Cruz and Rep. Chip Roy on Tuesday introduced two health care bills in their respective chambers aimed at expanding Health Savings Accounts (HSAs) and cutting red tape at the Food and Drug Administration (FDA) moves that they say would increase Americans flexibility on how to plan for their health expenses and help get life-saving drugs to market faster.
The bills, first obtained by FOX Business, are named the Personalized Care Act (PCA) and the RESULT Act, otherwise known as the Reciprocity Ensures Streamlined Use of Lifesaving Treatments Act. Roy previously introduced both early last year. It’s time to put the American people back in charge of their own healthcare choices. The Personalized Care Act works to allow individuals to control their healthcare by cutting down on bureaucracy and giving families more choices through more freedom, Roy said of the PCA.
Problem: Our Healthcare System Is Employer-Centric
As millions of Americans
lost their job-provided health insurance. Even outside of a pandemic, our employer-centric health insurance system:
Isn’t portable and doesn’t work for Americans who change jobs an average of 12 times.
Is inequitable: Those with good jobs and incomes are favored.
Limits choice:Eighty percent of employers only offer one plan.
SOLUTION: Expand health insurance options, particularly for those without job-based coverage by making Health Savings Accounts universally available.
Problem: Our System Lacks Transparency
The pandemic has
harmed almost every industry, including hospitals. More than 200 hospitals have furloughed workers due to budget shortfalls. But patients know little about hospital budgets. In fact,
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IRS-certified WC students ready to provide free tax preparation assistance
Submitted article
WILMINGTON As tax season approaches, 16 Wilmington College students are looking forward to assisting area residents in preparing their annual tax returns.
The IRS-certified, volunteer tax preparers will again offer this service as part of the Internal Revenue Service’s Volunteer Income Tax Assistance program (VITA).
Wilmington College hosts a VITA site that offers tax help to persons of low and moderate income who, generally, make less than $57,000, as well as taxpayers with disabilities or with limited English-speaking skills.
Last year, the students again secured a 100 percent IRS rating in completing 141 tax returns free of charge as a community service that gives the accounting and business majors, and other students involved, a valuable hands-on learning opportunity.