Remove Medical Remove Out of Pocket Cost Remove Take Home Pay
article thumbnail

Having a Baby? Use Your Pre-Tax Funds to Save

Benefit Resource Inc.

Even with health insurance, labor and delivery can cost around $5,000, and without insurance, it can be upwards of $40,000. Fortunately, one great way to help with out-of-pocket costs is utilizing a Health Savings Account (HSA). Since we had contributed pre-tax to our HSA before birth our take home pay was lower.

Taxes 72
article thumbnail

How to Choose a Health Care Plan

Insperity

Here’s some information that may help you identify your company’s and employees’ medical insurance wants and needs. Health Care Costs. Employees aren’t going to opt in to a medical plan that cuts far into their take-home pay. The more that’s covered, the more the plan will cost. Establish a budget.

article thumbnail

5 Common Myths About Health Savings Accounts (HSAs)

Flimp Communications

Their advantage over traditional savings accounts such as IRAs is that they are triply tax deductible: No taxes on HSA contributions No taxes on HSA growth No taxes on HSA use for qualified medical expenses For this reason, many financial experts recommend deferring HSA reimbursements until retirement. Only HDHP members qualify for HSAs.