I currently have health insurance through my wife's employer. The cost is $400 a month for just me and her, no kids. I am 59 and she is 62. The middle of January she will be leaving her job after 21 years. She is a health benefits Admin at her employer and knows most of the ins and outs of health coverage. We are on a high deductible plan and contribute to a pre-tax HSA. We have been shopping the markets as well as consulted an independent agent. We have decided to be self-insured. Why? Because, even with semi-annual doctors' visits and the meds we take, we never get close to meeting our deductible, nor would we if we chose coverage. Putting what we would pay in premiums into a savings account, or investment account, would save us money. Anyone else doing this? Does anyone know of a good tax-deductible product that pays interest but is accessible in the event of an emergency?
Health Ins Tax Shelters?
Discussion in 'Trucker Taxes and Truck Financing' started by jdrentzjr, Nov 14, 2023.
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I could have written a check for the Rotator Surgery I had this morning, but fortunately I have coverage for such things. In the event of cancer or some other serious illness I don’t want to loose my life savings by paying medical bills. If you had asked me 10 weeks ago would I be having surgery today, and being off work 5-8 months total, I probably would have said not very likely. At the very least shop catastrophic plans that have extremely high deductibles.
I choose to carry Occupational Accident coverage with short and long term disability and underinsured motorist coverage in addition to my required insurance insurance policy. I can’t load and secure my loads with only one good arm and I feel the cost justifies the risk when unexpected life events happen.
An IRA or Individual 401k allow you to access your funds after 59&1/2 without penalty, but I listed the other reasons in case someone younger than 59&1/2 is curious.Last edited: Nov 15, 2023
TX2Day Thanks this.
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