HSA Easy 28% Return By May 17th

04/15/21 • 17 min

Doxcost - The Ultimate Guide To Health Insurance

#018 - Learn how an HSA will earn you a quick and easy return by making an eligible deposit before you file your taxes.
An HSA is like getting free money!
Don't Pay FICA or Federal Income Tax
(some states still tax your HSA deposits)
FICA = Social Security Withholding AND Medicare Withholding = 7.65% of your paycheck
Federal Income Tax Withholding = 10% to 37%
Maximum HSA Deposit in 2021
Individual - $3,600
Head of Household/Married/Family - $7,200 per year
You keep the money instead of paying Uncle Sam
$3600 x .0765 = $275
$3600x .22 = $792
$1,067 stays in your pocket! Why give it away when you do not have to? If you're a family, you'll keep even more of your hard-earned paycheck!
I've utilized the benefits of Health Savings Accounts since their inception. I prefer Lively HSA
Learn about Lively HSA here
Thanks, as always, for your support! Please share Doxcost with your family, friends and colleagues. Visit doxcost.com to learn more.
Open Enrollment Workshop coming late summer 2021!

Previous Episode

Healthcare.gov Review

#017 - Healthcare.gov review is a cursory look at the current exchange portal. The site provides access to insurance plan options for the 50 states and District of Columbia. Links can be found for both the federal website and individual state exchanges.
Go to Healthcare.gov here
This Healthcare.gov review still keeps in mind that the goal is to get 100% covered and spend the least amount possible on your health insurance. This is best done utilizing a High Deductible Health Plan (HDHP) along with a Health Savings Account (HSA). It makes sense to review our episode on HDHPs and HSAs!
Don't Fear The High Deductible
Healthcare.gov review highlights the fact the exchanges are not for everyone. Nearly half of the US population gets their health insurance through employer sponsored plans. Another 35% of people get their health insurance through the military, Medicaid or Medicare. About 5% of people have individual plans. About 10% choose to be self-insured or do not believe they can afford health insurance. Healthcare.gov does a great job of informing people how to get help and how much financial assistance they can get.
Why get your health insurance through your employer?
Tax Day is now May 17, 2021! Get an immediate return on your savings by contributing to your HSA before May 17.
Learn how to get an immediate return on your savings
Thanks, as always, for your continued support. Please tell your colleagues, friends and family about Doxcost. Follow us on Twitter @doxcost and at doxcost.com

Next Episode

I Hate Insurance And Other Comments From Twitter

#019 - I Hate Insurance and other comments about health insurance and healthcare are highlighted in a snapshot look at how people view their current situation within the health insurance and healthcare systems as exclaimed on Twitter.
Follow @doxcost on Twitter
Lots of angst and anguish can be found on Twitter. We decided to take a look and see what is really bothering people about health insurance and healthcare.
Scott puts "I Hate Insurance" in the search box. Some comments are amusing, some is unfortunate and some is disturbing. I respond in an honest and helpful way or at least put things in context.
Lots of people misunderstand health insurance. The tangling of health insurance and healthcare is on full display.
Why You Save By Getting Your Health Insurance Through Your Employer - Episode 3
A couple of doctors, obviously well-educated, display their ignorance regarding their profession's direct contribution to the "thousands and thousands of dollars insurance companies have convinced people to spend on their health insurance". Payments to providers (i.e. Doctors, Hospitals, Pharma) are the single largest component of the cost of your health insurance premiums.
How Health Insurance Is Priced - What Makes Up A Dollar of Premium - Episode 11
I appreciate you very much! Tell your family, friends and colleagues - especially small business owners - to listen to Doxcost wherever they get their podcasts. Follow us on Twitter @doxcost
Next up, we'll explain the cancer that is Assignment of Benefits and how that single-handedly takes you out of the loop with your doctor and your insurance. You won't want to miss it next Thursday!