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☆ The 4 biggest mistakes people make during open enrollment—and how to avoid them
▼ + stars: | 2024-11-06 | by ( Jennifer Liu | ) www.cnbc.com time to read: +5 min

Here, Feinberg shares the biggest mistakes he often sees people make with their health coverage during open enrollment, and how to avoid them. Waiting until the last minuteThe worst thing you can do during open enrollment season is procrastinate on researching your options, Feinberg says. Your open enrollment period will depend on where you get your health coverage. Instead, it's important to think through your specific health needs and the needs of any dependents or partners on your plan. Paired with a health savings account, or HSA, the option can provide some of the most flexibility in health insurance coverage, he adds.

Persons: they've, David Feinberg, Feinberg, that's, That's Organizations: Justworks, Medicare Locations: millennials, Justworks, Jan, New York City

Filing your taxes early means you have more time to make last-minute retirement account contributions. Finishing your taxes early also gives you time to plan ahead for next year. But as a financial planner, I always recommend getting them done as early as possible. Even if you're not a freelancer, filing early can ensure you get your return early or have more time to pay your bill. Plus, evaluating my latest tax return early gives me a game plan for next year's liability.

Persons: —, I've, Uncle Sam, You'll, That's Organizations: Service, IRS

☆ Here are some last-minute options to spend down your flexible savings account ‘use-it-or-lose-it’ funds
▼ + stars: | 2023-12-01 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

It's common for workers to not know what their employer's FSA rules are. Stock up on over-the-counter medications The CARES Act of March 2020 removed prescription requirements to use FSA funds for many over-the-counter medicines. Buy certain skin care products You can use your FSA savings for eczema-approved creams and lotions. Plan ahead for a new baby New and expectant parents can use their FSA funds for baby products such as diaper rash cream, baby breathing monitors and baby sunscreen. How to use FSA funds wisely

Persons: Tom Werner, Digitalvision, Carolyn McClanahan, Jake Spiegel, you've Organizations: Getty, Planning Partners, CNBC's, Research, CNBC, Invest, Garmin, IRS Locations: Jacksonville , Florida

☆ Tax-advantaged accounts can help you save on health-care costs—here's how HSAs and FSAs differ
▼ + stars: | 2023-11-14 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Health savings accounts and flexible spending accounts are both tax-advantaged financial tools that can help you save money on your medical expenses. Some FSA funds may roll over into the new year, but it depends on your plan sponsor, according to FSAStore. If you invest your HSA funds, the earnings are also tax-free, giving HSAs a triple tax advantage. "Your HSA custodian doesn't micromanage your HSA expenses like they will your FSA," Rhinehart says. She says it's a good idea to keep receipts when you use your HSA funds just in case you're ever audited.

Persons: FSAs, Charlene Rhinehart, Rhinehart, HSAs, they'll, doesn't Organizations: CNBC, Fidelity, Internal Revenue Service Locations: FSAStore

☆ A 31-year-old millionaire who has 7 different types of investment accounts says that his HSA is 'my favorite by far' — and explains how he's using it to build long-term wealth
▼ + stars: | 2023-07-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Of all of his different types of accounts, his favorite is his health savings account (HSA). He and Erin, who own their primary residence in Texas outright, owe $12,000 in property taxes each year, so they send $1,000 a month to a high-yield savings account to cover that expense. High-yield savings accounts, which earn multiple times more than a traditional savings account, typically return between 3.40% APY and 4.25% APY. (That's if you're under 65; after 65, you can use your HSA money to cover any expense without incurring a penalty.) HSA accounts, unlike FSAs (flexible spending accounts, which are another type of account that can help with health care costs) don't have a "use it or lose it" policy.

Persons: Brennan Schlagbaum, Erin, Brennan, Schlagbaum, Erin Schlagbaum, Dravet, It's Locations: IRAs, Texas

☆ A CFA says you could cost yourself six figures by investing in the wrong type of retirement fund — and explains how to maximize your returns
▼ + stars: | 2023-05-02 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

While most investors focus on finding the right asset allocation for their retirement fund, Baker believes that asset location, or the type of fund you're using, is just as important. Fund fees can eat into your retirement savingsAnother key detail many investors miss is the fees associated with certain retirement funds. "Unless you want to read a 60-page prospectus, it's very difficult to find out what all of these mutual funds cost," Baker said. While you're still too young to adjust how you're allocating to your retirement fund, you may need to consider where you're allocating. If you needed to withdraw your income from your retirement fund last year, you took a loss on those withdrawals, Baker noted.

☆ You may get extra time to spend unused 2022 funds in your flex spending account. What to know about the rules
▼ + stars: | 2023-01-05 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

Collectively, workers may have forfeited an estimated $1 billion in their health-care flexible spending accounts last year. Yet depending on your employer's rules for those FSAs, which let workers save pre-tax money to pay for qualifying health expenses, you may have sidestepped being part of that cohort — at least for now. And if you get a grace period, it can be up to 2.5 months, which would mean a new deadline of March 15 to spend the money. Among workers who are allowed to carry over money, 49% end up forfeiting all or part of it, according to the institute. For those with a grace period, that share is 37%.

☆ Have FSA Money Left to Spend? Here Are Some Eligible Items You Might Actually Want
▼ + stars: | 2022-12-09 | by ( Matthew Riva | Ashlea Ebeling | ) www.wsj.com time to read: 1 min

For the millions of American workers who have healthcare flexible-spending accounts: Spend your FSA. The best time was months ago; the second-best time is right now. Since the pandemic began, many workers have been spared the annual deadline for using up their FSAs. This year, the clock is ticking once again and any money not spent by Dec. 31 might be gone for good.

When the Fed increases the interest rate, or the federal funds rate, it alters the interest rate on interbank lending. Now, the Fed's target interest rate range is around 4%, up from near-zero interest rates during the pandemic. High-yield savings accounts differ from traditional savings accounts because they offer significantly higher interest rates. Meanwhile, the high-yield savings accounts with the highest APYs have rates that are 18 times higher than the average APY on traditional accounts. Select ranked LendingClub High-Yield Savings and UFB High Rate Savings as some of the best high-yield savings accounts.

☆ How to Spend Your FSA
▼ + stars: | 2022-11-30 | by ( ) www.wsj.com time to read: +4 min

Read on to find out more about how your FSA works and your best options to spend down your balance. Acupressure mat and pillowKanjo Acupressure Mat and Pillow Set $80 at AmazonYou might not have realized that an acupressure mat is FSA eligible. SunscreenEltaMD UV Clear SPF 46 Face Sunscreen $37 at AmazonThere’s a wide variety of sunscreen available on Amazon that’s FSA eligible. Why this December is differentThis year’s December FSA spending crunch could be worse than usual. Fortunately, while you must spend your FSA on medical costs, the options are a lot wider than just doctors visits and prescription meds.

☆ Despite ongoing Covid risks, more employees consider cutting back on health-care benefits
▼ + stars: | 2022-11-30 | by ( Jessica Dickler | ) www.cnbc.com time to read: +7 min

Almost 159 million Americans rely on employer-sponsored health insurance coverage. Health insurance plansFor starters, consider what your health coverage costs you. But "don't just look at the monthly cost of your health insurance," Cosgray advised. To be able to use an HSA, you need to be enrolled in a high-deductible health plan, or HDHP. Other voluntary benefits offered through an employer can provide additional protection, including hospital indemnity insurance, critical illness coverage and accident insurance.

☆ Consumers lay out $1,600 yearly for health-care products that flexible spending accounts could have covered
▼ + stars: | 2022-11-22 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

If you have unspent money in your health-care flexible spending account, now's the time to make a plan to use it before you lose it. Health-care FSAs let workers stash away pretax dollars for qualifying expenses. The good news is that even if you don't have medical needs to spend the funds on — i.e., doctor's appointments or prescription drugs — an estimated $1,600 is spent by households each year on health care products that could otherwise be purchased using FSA dollars, according to FSAStore.com. This means it's likely you'd find a way to spend the money on things you'd end up buying anyway. The contribution limit to FSAs this year was $2,850, and in 2023 will be $3,050.

☆ Here are 4 ways to take advantage of your health-care expenses before the end of the year
▼ + stars: | 2022-11-13 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +5 min

Take advantage of reaching your deductibleIf you've met your plan's deductible, you may be able to pay less for qualifying health-care services before the end of the year than you would after the deductible resets Jan. 1. Once you've met your plan's deductible, you may or may not face copays or coinsurance — it depends on your plan's out-of-pocket maximum, which may be higher. See if you can get the medical expense tax deductionThere is a tax deduction for medical expenses, although it comes with parameters that prevent some taxpayers from using it. For starters, you can only deduct health-care expenses that exceed 7.5% of your adjusted gross income. Its gains grow tax-free, and as long as withdrawals are used for qualifying medical expenses, tapping those funds also comes with no tax.

☆ Check on Your FSA Now, or Be Stuck Buying Sunscreen in December
▼ + stars: | 2022-11-04 | by ( Ashlea Ebeling | ) www.wsj.com time to read: 1 min

For the millions of American workers who have healthcare flexible-spending accounts, here’s a timely reminder: Spend your FSA. Since the pandemic began, many workers have been spared the annual deadline for using up their FSAs. This year, the clock is ticking once again and any money not spent by Dec. 31 might be gone for good.

☆ A 40-year-old physical therapist got $222,000 in student loans forgiven through PSLF and used 2 tax strategies to pay as little as possible along the way
▼ + stars: | 2022-10-27 | by ( Leo Aquino | Read More | Read Less | ) www.businessinsider.com time to read: +8 min

Pros Check mark icon A check mark. Low annual fee for investment accounts; crypto trust investments available Check mark icon A check mark. Tax-loss harvesting Check mark icon A check mark. Mobile app and investing and retirement tools Check mark icon A check mark. Retirement contributions work to lower AGI in a similar way.

☆ You may have ‘more money than ever’ left in a health FSA this year. What you need to know before pandemic relief expires
▼ + stars: | 2022-10-14 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

Rules on how health FSAs workHealth FSAs let workers stash away pretax money for qualifying medical expenses. The standard deadline to use your health-care FSA money is Dec. 31 of the year in which you make the contributions. At the remaining 23% of companies, you forfeit funds remaining in your account after Dec. 31. However, that's below the 48% with a traditional Dec. 31 deadline who forfeit money, and 49% of those who are allowed to roll over money. If you're uncertain what the rules are for your FSA, reach out to your company's human resources department, Rouleau said.

☆ Open enrollment season for 2023 employee benefits is getting underway. What to watch for
▼ + stars: | 2022-09-22 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

Hinterhaus Productions | Digitalvision | Getty ImagesIt's that time of year, when workers get to make some decisions about their employee benefits. Many companies are beginning to hold their annual open enrollment period, which is when employees can sign up for 2023 health insurance — as well as consider other benefits, if your employer offers them. Some may offer extras like supplemental life or disability insurance, pet insurance or help with education costs. "People tend to [review] their benefits very quickly," said Paul Fronstin, director of health benefits research at the Employee Benefit Research Institute. For 2023, the annual cap on HSA contributions is $3,850 for self-only coverage and $7,750 for family coverage.

The different is your FSA money is "use it or lose it," while your HSA money rolls over from year to year. The biggest difference is that FSA money has to be used by the end of the year, while HSA money rolls over from year to year. For 2021, the HSA contribution limit is $3,600 for individual coverage and $7,200 for family coverage. Remember, you can use this account for a host of eligible medical expenses, including dental and vision expenses. HSAs and FSAs are great tools that can reduce your taxes while you save for future medical expenses.

Investment advisor and financial planner Blair duQuesnay says she uses open enrollment to save more for retirement, signing up for a high-deductible healthcare plan with access to a Health Savings Account, or HSA. AdvertisementFor most people, open enrollment doesn't go beyond signing up for health insurance coverage for the coming year. However, HSAs are only available if you enroll in a high-deductible healthcare plan during open enrollment. And you don't always have to have a high-deductible healthcare plan to keep your HSA open and growing. "I hope to resume my HSA savings in future years to build a savings account for future healthcare costs," she writes.

Persons: Blair duQuesnay, —, Joshua Brown, Brian Portnoy's, duQuesnay, It's, she'll Organizations: Investment, Service, Finance, Invest, Fidelity

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