Healthcare CommentarySubmitted by MidWestOne Investment Services on July 21st, 2017
How about this for a heat wave? Temperatures in the 90s, heat index over 100, and all that heat and humidity baking into severe thunderstorms and tornadoes by the end of any day. Iowa summer in a nutshell. The plus side of it is the golf ball goes a long way in weather like this, but your lawn does get a little crispy!!
I am venturing a bit out of my comfort zone today (worn down from the heat I suppose) to bring you a different planning topic. Healthcare has been a major focus in recent weeks, and for some of you, Health Savings Accounts play a role in how you pay for your healthcare. Basically, you are eligible for an HSA if you are covered by a high deductible health plan and not covered on anyone else’s traditional health plan. You also can’t use a flexible spending account to cover healthcare costs. There are some other rules, but for our purposes, these are the important ones. At MidwestOne, we offer HSA accounts. Here is our bank landing page with more information:
Believe it or not, HSAs can be relevant to your retirement planning. Money deposited into an HSA is always yours to keep, so it can make for an interesting saving vehicle, bridging short term needs with long term possibilities. It has great tax advantages today and functions much like an IRA when you are over 65. There are too many moving parts to do it justice in a short (ish) email, but please know that our investment team can help you decide how it might fit into your financial plan. Then if it fits, our bank has the resources to help you!
I also attached a client letter Burt White put out yesterday regarding the markets. Because he mentioned the heat, I didn’t see any way I could not include it J
Thank you for working with us and have a great weekend!!
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.