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Saving for your health is actually a tax advantage!

An HSA (or Health Savings Account) is a savings account that is used purely for medical services. Unlike other accounts, you get a deduction on your taxes when you put money into the HSA and you don’t get taxed when you take money out of the HSA. It’s also not a use it or lose it system, it keeps “rolling over” forever. However, because of its tax advantages, there is a limit on how much you can put in. Depending on your health insurance, an HSA is a great supplemental tool to have.

Keep an eye out for your HSA options next open enrollment!

A few technical things: For 2026, the HSA contribution limits are $4,400 for self-only coverage and $8,750 for family coverage. Individuals aged 55 and older can make an additional $1,000 catch-up contribution.

Also, if you are taking any form of social security (Medicare Part A at 65 etc) you can no longer contribute to an HSA unless you are on an employer plan and actively waive Medicare Part A.

Disclaimer: This content is for educational purposes only. Please discuss your specific situation with your health benefits administrator or insurance provider for personalized guidance.

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Your Deductible!

Depending on how your insurance plan is structured, your deductible could play an important role alongside your out of pocket maximum.

Your deductible is the amount of money you would pay for your (covered) health care before your insurance starts to pay ("you pay first").

Usually the only thing that is not subject to your deductible is your annual physical (and some blood tests that your doctor would do in a annual physical).

Keep an eye on your available deductibles next open enrollment!

Disclaimer: This content is for educational purposes only. Please discuss your specific situation with your health benefits administrator or insurance provider for personalized guidance.

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The most important thing in picking out an insurance plan is...

Your maximum out of pocket!

All of your costs related to your health will be stacked up against that maximum out of pocket before your insurance covers it. In other words, all the other things under your insurance plan: the deductible, the coinsurance, the copay, etc, all apply to that out-of-pocket maximum. Once you hit that maximum, it caps the amount of money that you will be spending in that calendar year.

Keep an eye out for it next open enrollment!

Disclaimer: This content is for educational purposes only. Please discuss your specific situation with your health benefits administrator or insurance provider for personalized guidance.