Are Health Care Costs Killing You?

​Do you have a high deductible on your health insurance plan that worries you to death? Is health insurance costing you an arm and a leg? Did you already get into trouble with health care costs, and are on a collision course to bankruptcy? Are you draining your retirement plan to pay off a hospital stay? Learn strategies to cut your health insurance costs, increase your personal assets and protect your nest egg in the blog below.
 
Cut Your Health Insurance Premiums. Save Thousands Annually.
If you are healthy and spending an arm and a leg on health insurance, then it’s time to look into a high deductible health insurance plan with a Health Savings Account. The benefits of this plan are many. The savings could add up to thousands of dollars annually on your health insurance premiums, but the benefits don’t stop there!

Benefits of HSA
 

1. Save thousands annually on your health insurance premiums.
2. Have the money you need for your high deductible health insurance plan, in case of an illness or health emergency.
3. Receive an annual tax credit.
4. Can be invested for additional gains and compounding, while being exempt from capital gains taxes.
5. The best long-term health care insurance. (Medicare doesn’t cover long-term nursing home care.)
6. Can be used for medical expenses incurred by you, your spouse and your qualified dependents.
7. Doesn’t go away if you can no longer contribute to it. (Health insurance is like being a renter. If you miss a payment, you get evicted. When you try to come back, it could cost more.)
8. Becomes a retirement account when you retire.
9. Becomes your spouse’s HSA when you transition out of this mortal realm.
10. Can be willed to anyone you wish, i.e. your beneficiary (but will be taxed as income).
11. Bonus Tip: Be sure to save up at least two times your deductible and coinsurance in cash before you start investing.

Go to IRS.gov to learn more about the benefits of Health Savings Accounts.


 
The bottom line is that the sooner you start contributing annually to your Health Savings Account, the better off you’ll be throughout life.
 
Health is the Best Health Insurance
It’s important to remember that good health is the best health insurance. Eating right and exercising allow you to work smarter, to enjoy life and to think more clearly. So, when you are thinking of fun, education and even basic needs, be sure to include habits, strategies and fun that promote good health.  Should you buy a gym membership or a yoga class package? Would that be fun? Should you allocate a little more of your basic needs for fresh, organic food? Can you buy directly from farmers at a Farmers' Market?

Are You Already in Trouble with Your Medical Debt? 
According to the New York Federal Reserve, the majority of collections actions every year (and bankruptcies) are due to medical and utility bills. This is heartbreaking, and is another reminder that saving up for medical costs in your own HSA is an important budget consideration. If you are in medical debt, it’s equally important to get a smart strategy to pay it off. Don’t just start siphoning off your retirement plan and home equity. Instead, read The ABCs of Money Debt Section, explore your options and develop a sound strategy that still protects your livelihood and future. Sinking your life boat to pay off a past medical debt could put your future in peril.
 
Health Savings Accounts Reward You When You Stay Healthy.
The more you save in your HSA, the more you have when you retire. Since medical care costs are the big game changer (for the worse) as you age, having a large amount in your HSA is the antidote. The health savings plan works great if you are healthy, and rarely visit the doctor. If you keep dipping into the account for petty visits to the doctor, or have a chronic illness, then you it’s more difficult to have your money compound and increase in value. So, do your best to treat the HSA as a medical retirement account, rather than the place you dip into for every flu and cold. Even if you do have a chronic illness, it could pay to have a high deductible and HSA, particularly when you consider the high insurance costs.  
 
Freedom of Choice is Preferred
Remember to shop around before you set up your health savings account. Some online discount brokerages allow you to invest in stocks, bonds and funds, with zero or very low trading fees, while banks and insurance companies may offer a very limited choices of investments that might be far more expensive, to boot! You do not have to purchase your HSA from the insurance company that sells you your high deductible medical care plan.
 
The Bottom Line
Healthcare costs make up 18% of the United States budget, totaling $3.5 trillion in expenditures in 2017. 40% of Adult Americans are obese. Obesity related medical costs are $1,429 higher per person than those of normal weight. So, staying healthy can go a long way to improving your own budget, and the fiscal health of our nation. Having a Health Savings Account in case of an unforeseen medical emergency can help you to navigate the budget-breaking costs of medical care in the U.S., and save you thousands annually to boot.
 

It’s time to know what you own and why you own it. If you’re interested in receiving an unbiased 2nd opinion on your current plan, call 310-430-2397 or email [email protected] for pricing and information. 

"An investment in knowledge pays the best interest." Benjamin Franklin. 

Learn the ABCs of Money that we all should have received in high school at one of our Investor Educational Retreats, and watch how fast your life transforms. 

About Natalie Pace
Natalie Wynne Pace is an Advocate for Sustainability, Financial Literacy & Women's Empowerment. She is the co-creator of the Earth Gratitude project and the author of the Amazon bestsellers The ABCs of Money for College, The Gratitude Game, The ABCs of Money and Put Your Money Where Your Heart Is (aka You Vs. Wall Street in paperback). She has been ranked as a No. 1 stock picker, above over 835 A-list pundits, by an independent tracking agency (TipsTraders). The ABCs of Money remained at or near the #1 Investing Basics e-book on Amazon for over 3 years (in its vertical), with over 120,000 downloads and a mean 5-star ranking. The 2nd edition of The ABCs of Money was released in 2018. 

Natalie Pace's easy as a pie chart nest egg strategies earned gains in the last two recessions and have outperformed the bull markets in between. That is why her Investor Educational Retreats, books and private coaching are enthusiastically recommended by Nobel Prize winning economist Gary S. Becker, TD AMERITRADE chairman Joe Moglia, Kay Koplovitz and many Main Street investors who have transformed their lives using her Thrive Budget and investing strategies. Click to view a video testimonial from Nilo Bolden.  
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Important Disclaimers
Please note: Natalie Pace does not act or operate like a broker. She reports on financial news, and is one of the most trusted sources of financial literacy, education and forensic analysis in the world. Natalie Pace educates and informs individual investors to give investors a competitive edge in their personal decision-making. Any publicly traded companies or funds mentioned by Natalie Pace are not intended to be buy or sell recommendations.

ALWAYS do your research and consult an experienced, reputable financial professional before buying or selling any security, and consider your long-term goals and strategies. Investors should NOT be all in on any asset class or individual stocks. Your retirement plan should reflect a diversified strategy, which has been designed with the assistance of a financial professional who is familiar with your goals, risk tolerance, tax needs and more. The "trading" portion of your portfolio should be a very small part of your investment strategy, and the amount of money you invest into individual companies should never be greater than your experience, wisdom, knowledge and patience.  

Information has been obtained from sources believed to be reliable however NataliePace.com does not warrant its completeness or accuracy. Opinions constitute our judgment as of the date of this publication and are subject to change without notice. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.