Tom Meaglia photo

Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

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: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

July/August 2019

Slowing Health Insurance Increases

Slowing Health Insurance Increases

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.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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