long-term care expenses medical supplies prescription medications You can also deduct the premiums you pay for health, dental, and vision insurance unless you pay for your coverage through your employer using pretax dollars. Tip: Before you go through all of your doctors' bills and prescr...
If you held the property for more than one year before selling it, the gain will be taxed at the long-term capital gain tax rates, which are usually lower than the rates for other forms of taxable income. If you have a net loss for the year from the sale of investment property, ...
Long-term care: You can use part of your death benefit to pay for long-term care, but this add-on can be expensive. Term life conversion: Only available for term life plans, this add-on allows you to convert your insurance to a permanent plan. This is a good choice for people concer...
Building an investment portfolio may require personalization and finesse, but it can also be ultra-simple.
So tell me what’s different about treating the individual mandate as follows. Start from a baseline where everyone is presumed to have obtained private health insurance. The individual mandate can operate as: If no evidence of health insurance is provided, add $x to taxable income. [$x might...
Smoots recommends building up savings in an HSA for as long as you can, even if it means finding part-time work. “Retirees should prepare for rising healthcare costs by exploring supplemental insurance options, health savings accounts (HSAs) and long-term care insurance,” she not...
Domestic Partners:In some cases, health insurance policies may offer coverage for domestic partners. This applies to individuals who are in a committed, long-term relationship but are not legally married or in a recognized domestic partnership. The requirements for including domestic partners as depend...
Are HSA plans taxable? The funds are taken out of the employee’s wages before the income is taxed, making an HSA plan apre-tax benefit. This reduces the employee’stax liabilityand is one of the notable benefits of an HSA. And, the individual who opens the account can receive a tax ...
If you die during the policy term, the insurer will pay the policy's face value to your beneficiaries. This cash benefit—which is not typically taxable—may be used by beneficiaries to settle your healthcare and funeral costs, consumer debt, mortgage debt, and other expenses.2However, benefi...
This is the time to look into long-term care insurance, which will help cover the costs of a nursing home or home care should you need it in your advanced years. If you don’t properly plan for health-related expenses, especially unexpected ones, they can decimate your savings. ...