Image

Tom Meaglia, ChFC®

Chartered Financial Consultant

AEP®, CLU®, MSFS

Investment Advisor Representative

CA Insurance Lic. #0567507


Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750


Toll Free: 800-386-3700

Bus: 909-593-6105

Cell: 818-681-8600

Fax: 909-593-6120


Email: meaglia@earthlink.net

Website: www.meagliafinancialconsulting.com

July/August 2019

Slowing Health Insurance Increases

Article Image

Healthcare costs continue to rise, as does the cost of buying health insurance. Even as prices keep increasing, there are a few ways to reduce your out-of-pocket costs.


Through Work
Employer-provided health insurance is consistently among the top benefits employees want, and for good reason. Group health insurance plans offered in the workplace are usually significantly less expensive than buying the same type of policy outside the workplace. Because some companies offer a choice of health plans, you may want to take the time to examine each offering to make the best choice for you and your family.


Should your employer offer a choice between a traditional and high-deductible health plan (HDHP), you’ll find a number of differences. A traditional health plan usually has higher premiums but a lower deductible and coinsurance. The HDHP typically has lower premiums but higher deductibles and coinsurance. Deductibles for single and family HDHP plans start at $1,350 and $2,700, respectively. Total out-of-pocket costs cannot exceed $6,750 for single coverage and $13,500 for a family plan.


A Strong Enticement
While out-of-pocket costs can be burdensome, many employers help lessen the sting by offering a companion Health Savings Account (HSA). This account is triple tax-free, featuring tax-deferred contributions, tax-deferred potential growth and tax-free withdrawals for qualified healthcare expenses. An added feature is that owners may take withdrawals penalty-free for any reason starting at age 65 and pay only ordinary income tax on the amount not used for qualified healthcare.


In 2019, you can contribute up to $3,500 to an HSA if you have a self-only plan, or $7,000 if you own a family plan. If you’re 55 or older, you can make an extra $1,000 catch-up contribution.


New Cost-Cutters
Some employers now offer health insurance discounts for those employees who commit to wellness programs. Others include a telemedicine option, which can be a cost-saver for you and your company for everyday illnesses like a cold or the flu.


While it’s true that health insurance can be pricey, not having coverage can set you back financially if you become injured or ill. Work with an insurance professional to find the right level of coverage for you and your family.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox every month.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Investment advisory services offered through Fusion Capital Management, an SEC Registered Investment Advisor. 9111 Cypress Waters Blvd., Ste 140, Dallas, TX 75019.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.