3. Is a Health Savings Account (HSA) worth considering?
If you choose a high deductible health plan, you may be able to set up a health savings account (HSA). With an HSA, you put pre-tax dollars into the account. The money can be used to pay for out-of-pocket expenses (such as deductibles and copayments for medical services) that are not covered by your health insurance.
4. Is there value in a Flexible Spending Account (FSA)?
Expenses not covered by insurance, ranging from deductibles and co-payments to prescription drugs, glasses and dental care, can be reimbursed through an FSA. By putting pre-tax dollars into this account, you can reduce your net disbursements. However, unlike HSAs, these dollars are not carried over from year to year. Any remaining money is wasted, so you will need to plan ahead to determine an appropriate amount to save in the account.
5. Are there any other benefits I should consider?
Benefit options vary by employer. Depending on where you work, you may be able to purchase benefits such as dental coverage, eye exams, legal assistance, term life insurance, or other specific services that may be required. useful. Weigh these options carefully to see if they are profitable.
6. What are your financial goals?