Start Saving For Long Term Health Care

It’s that time of year when many people start taking a second look at their health insurance coverage.  Did you know that at least 70% of American adults will need long-term care services and support sometime in their lifetime?* Saving for long term health care is important as median costs continue to rise: $87,600/year for private nursing home rooms, $42,000/year for assisted living facilities, and $45,188/year for home health aide services are just a few of the annual cost averages reported on a 2014 Gemworth Cost of Care Survey!*  How will cover these expenses for yourself and your family?

·         Out of Pocket – Costs vary greatly by state – around $8,000 per year to upwards of $100,000 per year; start saving early!

·         Medicare + Medicaid – Benefits may be available for home health care, but only if certain conditions are met.  Don’t assume you’ll be covered.

·         Insurance – Helps pay for care and protects assets up to the amount of your policy.  Evaluate coverage options before you need it.

If you have questions and would like to meet with a financial representative, Honor Financial Group is a great first step.  Give us a call to set up an appointment today.  And, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

To listen to Y-Country's Mark Durocher and Honor Credit Union's Greg Hildebrand talk about long term health care, click on the Mason Jar Monday episode below!

 

 

Is An HSA Right For You?

With the Affordable Care Act coming in to play, insurance has been on the top of a lot of families’ minds.  If you have a high deductible insurance plan, than an HSA might be the solution to making out of pocket medical expenses easier on the pocket book.  A Health Savings Account, or HSA, is a special account that lets you set aside money specifically for qualified health related expenses.  Paying for a qualified medical expense out of your HSA is as easy as swiping your debit card!  If you meet the criteria below, then an HSA may be the solution for your family:

• You currently have a high deductible health plan

• You are NOT enrolled in Medicare

• You are NOT eligible to be claimed as a dependent on anyone else’s tax return.

If those all sound like your situation, than an HSA account just might be for you.  One huge benefit of an HSA is that money you put into it is not taxed!  If you want to learn more about how a Health Savings Account could benefit your family you can find more information on www.honorcu.com, give us a call, or stop by any branch!  

Don’t forget to follow us on twitter @honorcu using tweet us any questions you have using #askhonorcu! 

Listen Honor's Scott and 97.5 Y-Country's Wild Bill in this week's Mason Jar Monday for more information on how an HSA can benefit you!