Washington County Weekend Post

F or many families, health care is a major expense, even with health insurance coverage. There's a great solution that can help financially prepare you for out-of-pocket costs, and it may be right there in your wallet: A health savings account. "A health savings account is a valuable tool that can help you manage health care expenses for you and your family," says Deb Culhane, President and CEO, Optum Bank. "If your employer offers health savings accounts, or HSAs, it's well worth looking into how this account can help you save and pay for your family's health care needs today and in the future, income tax free." Perhaps you're one of the people who recently enrolled in a health savings account under a qualifying high-deductible health plan, but you're not exactly sure how it works or how to use it. With these tips and insights, you can reap the most benefit from your health savings account. 1. Familiarize yourself with your plan. If you have a health insurance plan with a health savings account, make sure you know how to check your balance and use the money toward your next prescription refill or doctor visit. If you're unsure, your employer's human resources department can help you. 2. Once you start saving, the money is there to pay your health expenses As the name implies, money in a health savings account can help you pay out-of-pocket costs for a doctor's visit, hospital stay and prescription drugs. It can also be used for other qualified medical expenses related to dental and vision. What many people don't realize, though, is health savings account funds can be used for your family's well-being. Contact lens solution and acupuncture are just a couple of the qualified medical expense uses for health savings account funds. (For a complete list, visit www.irs.gov or https://optum.co/429fz.) 3. The money you save stays with you If you have experience with a similar benefit known as the flexible spending account (FSA), you may be concerned about meeting an annual deadline to spend all your money in the account. The upside of health savings accounts is that you don't "use it or lose it." If you don't spend it, you can keep it. Even if you change jobs, move or get married, your health savings account goes with you. 4. Did you know there are triple tax savings? First, each contribution - which can be withdrawn from the paycheck and deposited into the health savings account - is pre- tax. Second, any interest earnings are also income tax-free. Finally, unlike some retirement accounts, fund withdrawals to pay for health care costs are also income tax free. Depending on how much is set aside (for 2019, contribution limits are $3,500 for an individual and $7,000 for a family, over 55 can add an additional $1,000), these cumulative tax savings can add up to serious money over time. 5. It can help you plan for retirement Learn about your plan's investment options, because this is where your savings can really take off. Turning 65 unlocks more benefits, including the ability to use health savings account funds to pay for some Medicare premiums or long-term care. 6. You can shop around to find a plan that's best for you You can open your own health savings account as long as you have a qualifying health insurance plan. When shopping around, comparing details, such as access to low-fee investment options, accounts with no surprise fees, and the availability of tech tools like Alexa or Google Home or an easy-to-use mobile app, can help you reach your decision. Bottom line, a health savings account is a valuable tool to help you manage your health care costs and plan for your future. It's worth talking to your human resources representative and your financial planner to make sure you're getting the most from your health savings account. If you're interested in learning if an Optum Bank health savings account is right for you, start by visiting OptumBank.com. Financial News 6 things you should know about your health savings account (HSA) MONEY MATTERS In today's economy more than ever, readers are looking for ways to save money and improve their fi nances. at's what makes our Financial News section an advertising opportunity your business can't aff ord to miss. Don't delay; call 262-306-5000 today to reserve your advertising space. (BPT) 4 • W a s h i n g t o n C o u n t y P o s t R e t a i l • 1 1 - 1 1 - 1 8 *Securities and Investment Advisory Services offered through Woodbury Financial Services, Inc. Member FINRA, SIPC. Insurance offered through Reis Financial Services, LLC which is not affiliated with Woodbury Financial Services, Inc. 4524 Dollar Drive,West Bend, WI 262-338-0018 www.reisfs.com 258725007 Let us design and implement your plan today. Do you have a f inancial plan? Timothy M. Reis, LUTCF Financial Advisor 32 nd Annual Love Light Tree Remember or honor someone special with a Love Light. Join us Sunday, Dec. 2, 2018, 6:30 p.m., in the Froedtert & the Medical College of Wisconsin St. Joseph's Hospital Garden Cafe for holiday refreshments, entertainment and the official tree lighting ceremony. 11.11 Love Light Donor Form (one form per donation please) ❍ White Light in Memory of: ❍ Colored Light in Honor of: ❍ Military designation of your loved one on the Memory/Honor board with a Star (please check if applicable) To be listed on the Memory/Honor Board (displayed at the ceremony) please submit your Love Light Donor form by Nov. 16, 2018. Donor forms received after Nov. 16, 2018 will be acknowledged on our website, www.froedtert.com/lovelight. To receive a Love Light acknowledgement, supply the information below. PLEASE PRINT. Name: Address: City, State, Zip: Donor Name: Phone Number: Mail completed form and $5 donation per light, with check payable to: Partners of St. Joseph's Hospital Love Light Tree - Attn. Admin. 3200 Pleasant Valley Road West Bend, WI 53095 Print legal name of deceased person as you want it to appear Print legal name of person as you want it to appear "COUNTRY KEEPSAKES" HOLIDAY HOME SHOW Hand Crafted gifts 262592005 1440 Red Oak Drive Hartford, WI 53027 South of Hwy 60 about 1 mile on Hwy 83 then east on Lee Road and watch for signs Friday Nov. 16th Saturday Nov. 17th 9 am to 5 pm

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