Health savings accounts are a source of tax-free money to pay out-of-pocket medical expenses. And if you plan carefully, HSAs can also be a valuable source of retirement savings, providing a triple tax benefit that is even better than a 401(k). Find out more about the strategies to make the most of HSAs in this article for AARP.
Some insurers are voluntarily waiving cost-sharing for some COVID-19 treatment expenses, and new laws are expanding coverage for COVID-19 tests. There are ways to reduce your costs for COVID-19 testing and care, but you need to keep up with the rules. Find out more in U.S. News & World Report.
If you get laid off and lose your health insurance, you may have several options. The best choice depends on the premiums, how much of the deductible you’ve paid, the coverage details and provider networks. This AARP article explains what you need to consider when assessing your options.
Telehealth services are booming because of the coronavirus pandemic, but these virtual doctor’s visits can save you money any time. Telehealth costs a lot less than in-person visits for minor issues, and insurers are expanding coverage for behavioral health and other types of care. Find out more in this U.S. News & World Report article.
Medicaid can be the most affordable way to get health insurance while you’re unemployed, if you live in one of the 36 states that have expanded coverage. Many people don’t realize that they may be eligible for this coverage when their income drops.
It can be expensive to buy health insurance on your own, but most people who lose their jobs qualify for subsidies that can reduce their premiums significantly. This article in U.S. News & World Report explains how these complicated subsidies work and how you can save money on your premiums.
Several tax breaks can help you pay your health insurance premiums and reduce your health care costs — whether you’re self-employed, unemployed, buying your own health insurance, or on Medicare. This U.S. News & World Report article explains how to find out if you’re eligible for any of these tax benefits and what you need to do to get them.
You can delay signing up for Medicare past age 65 if you’re still working and have health insurance from a large employer. But you need to enroll quickly after you lose your job or retire or else you could face lifetime penalties and expensive coverage gaps. Find out how to avoid these problems in this AARP article.
More than 10,000 Baby Boomers turn 65 every day and they need to learn how to navigate a new system: Medicare. Even the first step – signing up – can be tricky. If you don’t know what you’re doing, you could be hit with a penalty, pay more than you need to, or end up with big gaps in coverage. Here are some key questions and answers for you when it’s time to sign up for Medicare. Will I be enrolled in Medicare automatically when I turn 65? If you’re already receiving early Social Security benefits, then you’re automatically …