How can you save big-time if you have no 401k available? There are several very good alternatives you can choose from, or to add to your 401k savings.
HSA
Health Savings Account for 2017
When you have a health savings account you’re allowed to make contributions to the health savings account that are deductible from your income. There are limits to the amount that is deductible each year, and these limits are set by the IRS. In order to have a HSA, you must also have a High-Deductible Health Plan (HDHP), which is a health insurance policy that, as the name implies, has a high deductible. Qualified plans have a minimum deductible of $2,600 for families (for 2017) or $1,300 for singles. In addition, HDHPs have a maximum annual limit on the sum of the deductible and out-of-pocket expenses that you must pay. Out-of-pocket expenses include co-payments and other amounts, but do not include premiums paid. The maximum sum of deductibles and out-of-pocket payments for a qualified HDHP in 2017 is $13,100 for family coverage, or $6,550 for single filers. These figures have not […]
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Health Savings Account Limits for 2013 Published
The IRS recently distributed information about the adjustments to Health Savings Accounts (HSAs) for 2013. These limits adjust annually based upon inflation calculations (if inflation is present). For 2013, the annual contribution limit for self-only coverage is $3,250, which is an increase of $150 over the figure for 2012. For an individual with family coverage, the limit in 2013 is increased by $200 to $6,450. The deductibles for HSA accounts are also increased in 2013: $1,250 for self-only coverage, and $2,500 for family coverage. This is an increase of $50 and $100 for each deductible, respectively. Lastly, the out-of-pocket expense limit for self-only coverage is $6,250 in 2013, an increase of $200. Family coverage out-of-pocket maximum is $12,500 (up from $12,100 in 2012). This limit is for deductibles, co-payments, and other amounts, but not premiums.
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Health Insurance Tax Tips for the Self-Employed
The following list comes to you from the folks over at eHealthInsurance.com: New this year! Take a one-time opportunity to reduce your self-employment taxes – In addition to the standard ‘above the line’ deduction described below, self-employed persons can also deduct the cost of their health insurance premiums from their self-employment taxes on Schedule SE. This is a one-time-only opportunity available for 2010 taxes, so if you’re self-employed be sure to take advantage of it. Image via Wikipedia Deduct health insurance premiums as a business expense – If you had self-employment income, you may also be able to deduct health insurance premiums you paid for yourself and your dependents as an ‘above the line’ business expense (that is, without itemizing) on your federal tax return. Be aware, however, that you may not deduct premiums paid for any month in which you were eligible to participate in an employer-sponsored health insurance […]
Sterling Raskie, MSFS, CFP®, ChFC®
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