The Best Apartments in Miami in 2022
You’ll feel like you’re on permanent vacation.
The post The Best Apartments in Miami in 2022 appeared first on The Rent.com Blog : A Renterâs Guide for Tips & Advice.
You’ll feel like you’re on permanent vacation.
The post The Best Apartments in Miami in 2022 appeared first on The Rent.com Blog : A Renterâs Guide for Tips & Advice.
For many people, health savings accounts (HSAs) offer a tax-friendly way to pay medical bills. There’s an “above-the-line” deduction available for contributions to an HSA, money put in an HSA by your employer is excluded from gross income, earnings are tax free, and there’s no tax on distributions if you use the funds to pay qualified medical expenses. You can also hold on to the account when you’re no longer working for your current employer and use it tax-free for medical expenses at a different job or even during retirement. All-in-all, HSAs can be a great tool for covering your health care costs.
But there are a handful of limitations and requirements that you need to know about, and they’re adjusted for inflation each year. They apply to the amount you can contribute to an HSA for the year, the minimum deductible for your health insurance plan, and your annual out-of-pocket expenses. If you or your health plan are not in compliance with the restrictions in place for any particular year, then you can say goodbye to the HSA tax savings for that year.
Your contributions to an HSA are limited each year. For 2022, you can contribute up to $3,650 if you have self-only coverage or up to $7,300 for family coverage. If you’re 55 or older at the end of the year, you can put in an extra $1,000 in “catch up” contributions. However, your contribution limit is reduced by the amount of any contributions made by your employer that are excludable from your income, including amounts contributed to your HSA account through a cafeteria plan. You can contribute to an HSA for 2022 up until your 2022 federal income tax return is due â which will be April 18, 2023. The table below shows how the contribution limits have increased over the past few years (and for 2023 HSAs).
Year |
Self-Only Coverage |
Family Coverage |
Catch-Up Contributions |
2023 |
$3,850 |
$7,750 |
$1,000 |
2022 |
$3,650 |
$7,300 |
$1,000 |
2021 |
$3,600 |
$7,200 |
$1,000 |
2020 |
$3,550 |
$7,100 |
$1,000 |
2019 |
$3,500 |
$7,000 |
$1,000 |
2018 |
$3,450 |
$6,900 |
$1,000 |
2017 |
$3,400 |
$6,750 |
$1,000 |
To contribute to an HSA, you must be covered under a high deductible health plan. For 2022, the health plan must have a deductible of at least $1,400 for self-only coverage or $2,800 for family coverage.
The 2022 minimum deductible amounts are the same as the 2021 figures. The following table shows the minimum deductible amounts for the six most recent years (plus for 2023).
Year |
Self-Only Coverage |
Family Coverage |
2023 |
$1,500 |
$3,000 |
2022 |
$1,400 |
$2,800 |
2021 |
$1,400 |
$2,800 |
2020 |
$1,400 |
$2,800 |
2019 |
$1,350 |
$2,700 |
2018 |
$1,350 |
$2,700 |
2017 |
$1,300 |
$2,600 |
The health plan must also have a limit on out-of-pocket medical expenses that you’re required to pay. Out-of-pocket expenses include deductibles, copayments and other amounts, but don’t include premiums. For 2022, the out-of-pocket limit for self-only coverage is $7,050 or $14,100 for family coverage. According to the IRS, only deductibles and expenses for services within the health plan’s network should be used to determine if the limit applies.
As the table below indicates, the health plan out-of-pocket expense limits for HSAs have increased each year from 2017 to 2023 to account for inflation. That includes a $50 jump for self-only coverage and a $100 increase for family coverage from 2021 to 2022 (and even larger increases for 2023).
Year |
Self-Only Coverage |
Family Coverage |
2023 |
$7,500 |
$15,000 |
2022 |
$7,050 |
$14,100 |
2021 |
$7,000 |
$14,000 |
2020 |
$6,900 |
$13,800 |
2019 |
$6,750 |
$13,500 |
2018 |
$6,650 |
$13,300 |
2017 |
$6,550 |
$13,100 |
What is averaging down in stocks? Averaging down refers to a strategy of buying more shares of a stock you already own after that stock has lost value â effectively buying the same stock, but at a discount. By purchasing more of the same stock at a lower price, the investor brings down the average […]
The post Pros & Cons of the Averaging Down Investment Strategy appeared first on SoFi.
What is averaging down in stocks? Averaging down refers to a strategy of buying more shares of a stock you already own after that stock has lost value â effectively buying the same stock, but at a discount. By purchasing more of the same stock at a lower price, the investor brings down the average […]
The post Pros & Cons of the Averaging Down Investment Strategy appeared first on SoFi.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Chase is offering most cardholders free instacart express until April 2022 (not live yet, should be live today or tomorrow)
College students who struggle to afford tuition and other expenses have an avenue to help pay for their education that doesnât involve federal loans: the federal Pell Grant. To qualify for a Pell Grant, you need to have a minimum GPA (2.0) and demonstrate exceptional financial need. If you fit in those categories, hereâs what [â¦]
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
My column on caregiving generated a number of responses from readers who offered their own perspectives. âPeople not in this situation donât have a clue, and that includes âexperts,â â writes Ken Jarosch, sole caregiver for his wife, Kathy, who suffers from muscular dystrophy. âI went to several care-giving classes, where we were served a nice dinner and a sunshine talk. But the real help came from the people in attendance, who actually live this.âÂ
Iâm devoting this column to advice from people who have found ways to cope with caregiving, starting with the Jarosches. The pandemic and labor shortages have made it hard to find home care, and Ken and Kathy donât want to be separated. Their solution: âA very good geriatric care manager who gives us emergency contacts,â says Ken. âWe do the best we can, even if itâs not perfect.âÂ
Allen Nixon was the caregiver for his wife, Eileen, who passed away of a rare disease. Nixon kept all of his wifeâs information in a folder by the front door so he could grab it âif we had to run to the emergency room.â Because Eileen had lost her ability to speak and write, Nixon realized that if he had a health emergency, she wouldnât be able to communicate with medical personnel. âSo I put all of my information in an envelope and taped it to the fridge.âÂ
To prepare for possible caregiving responsibilities in the future, reader David Gelb recommends that families âseriously consider purchasing long-term-care insurance for themselves and their parents (if itâs not too late).â With encouragement and input from their widowed mother, Gelb and his brother made a family decision to buy long-term-care coverage for their mother when she was in her sixties. When she suffered a stroke at age 87, the insurance âwas a godsend,â says Gelb. âKnowing that we had the finances covered allowed us to make well-thought-out, rational decisions.â
Other voices have weighed in on handling tricky situations, such as how to raise the subject of future needs and wishes with parents or adult children. Meredith Stoddard, vice president for life events planning at Fidelity Investments, says that when her mother was cleaning house, âshe was focused on what would happen to her teacups.â Says Stoddard, âKnowing what she values makes it easier to follow her wishes. And having a conversation with a little levity makes it easier to raise other issues matter-of-factly.âÂ
The prospect of moving is another one of those sticky issues. In a survey by SeniorLiving.org, 31% of adult children said they would expect their parents to move in with them if assistance was necessary, but only 10% of adults older than 65 preferred that option (62% would rather live at home with care services).Â
If moving is necessary, itâs all in how you approach it, says Suzanne Asaff Blankenship, author of How to Take Care of Old People Without Losing Your Marbles. âIf we had talked to my parents-in-law about leaving Montana, they would have said no,â says Blankenship. âBut if we put it in the context of what they were struggling with, which was the winter weather or having to drive so far for health care, they were more receptive.â They eventually moved closer to Blankenship in Colorado.Â
Writing about eldercare has made me think that my husband and I need to share more of our personal information and wishes with our three grown children. Kids, hold us to it.
Active vs. passive investing generally refers to the two main approaches to structuring mutual fund and exchange-traded fund (ETF) portfolios. Active investing is a strategy where human portfolio managers pick investments they believe will outperform the market â whereas passive investing relies on a formula to mirror the performance of certain market sectors. Which approach […]
The post Active vs Passive Investing: Differences Explained appeared first on SoFi.