Open enrollment in the individual marketplace is currently in effect until January 31, 2017, and many people are finding that their premiums are skyrocketing again, and out of pocket exposure is also going up. Have you ever thought about a Health Savings Account? A Health Savings Account (HSA) is like a savings account; but you can only use the money to pay for qualified health care expenses, and the money you put into the account is tax deductible. To be eligible for an HSA your insurance must be eligible as a high deductible plan, and have no copays. When searching for a health insurance plan they usually specify whether the account is HSA eligible or not.
David A. Pope, CPA CGMA
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