medical expenses | Ed Slott and Company, LLC

medical expenses

HSA Benefits That May Surprise You

You have likely heard of Health Savings Accounts (HSAs), and you may even understand the basics of how an HSA works. These accounts are really not too complicated. If you have a qualifying high deductible health plan, you may contribute to an HSA. Then, you can take tax-free distributions to pay for qualified medical expenses.

5 HSA Rules You Need to Know

Health Savings Accounts (HSAs) are rapidly growing in both size and in number. These accounts offer deductible contributions and tax-free distributions for qualified medical expenses. An HSA can be a valuable tool not only for paying for medical expenses but also for planning for your future. Here are 5 HSA rules you need to know.

What If You Could Pay Health Care Costs in Retirement with Tax-Free Dollars?

As medical expenses continue to increase, planning for them in retirement takes on greater importance. One approach is to shift thinking of the Health Savings Account (HSA) as an account to defray medical expenses annually to an account with pre-tax dollars and tax-free earnings to defray medical expenses years from now in retirement.

Comparing a Former U.S. President's Pension to YOURS

Prior to 1958, the U.S. did not provide a pension for its former presidents. George Washington retired to Mount Vernon where he resumed his role as a plantation owner/farmer. Abraham Lincoln did not live to collect a pension. His wife, Mary Todd Lincoln, petitioned Congress for a widow's pension in 1870, five years after Lincoln's death. She was awarded the sum of $3,000 a year.

Crazy Tax Deductions Aren't Usually Correct

With less than two weeks to go in tax season, accountants across the country are putting in the long hours and nights that are so often required. With 10, 12, 16+ hours a day the norm, it can be easy to go a little loopy. One way to help keep one’s sanity through the process is to try and inject a little humor now and then. Cue ridiculous tax deductions people try and claim.

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