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Health Insurance
Health Insurance
Health insurance is one of the most valued benefits offered by employers or purchased by an individual. This type of insurance comes in three types: HMO (health maintenance organization), PPO (preferred provider organization, EPO (exclusive provider organization), and POS (point of service organization).
Each of these health insurance options offers a specific set of benefits, varying in cost. Choosing the right plan for you or a family requires understanding what a plan provides in benefits. A local insurance agent can explain your options and help you decide the plan that will best match your needs and budget.
If you have a medical provider, clinic, or hospital you trust, the provider must be contracted in the health insurance plan’s health network. Health insurance policies have a list of the in-network medical professionals you can review before settling on a plan.
Dental Insurance
A well-crafted retirement plan will provide you with significant tax savings. The types of retirement plans vary based on whether you are an employee, an independent contractor, or a business owner. The federal government has put several tax incentives in place to inspire workers to set aside money for retirement. The types of retirement plans include
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401(k): These are company-sponsored retirement plans that allow employees to contribute to a retirement plan. The company can match funds. The contributions made to the fund are pre-tax, reducing taxable income, but will be taxed when withdrawn from the fund.
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Roth 401(K): A Roth 401(k) involves contributions made with after-tax income, with the later withdrawals tax-free.
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IRA: A traditional IRA allows you to contribute to a retirement fund pre-tax. You may be in a lower tax bracket after retirement, with savings.
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Roth IRA: These funds involve contributions after tax, with the fund growing over time tax-free, along with tax-free withdrawals when you retire.
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SEP IRA: A SEP (Simplified Employee Pension Plan) can be established for employees or self-employed individuals. Only the employer contributes to these plans, making them a popular method for retirement planning for self-employed individuals.
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Simple IRA: These plans are for employees, and the employer may match contributions. Contributions can also be guaranteed but have lower contribution limits than some other plans.
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Solo 401(k): These retirement plans serve business owners who have no employees. The benefits include contribution limits higher than some other individual retirement plans.
Vision Insurance
If you wear glasses or contacts, vision insurance can deliver significant savings. A vision insurance plan reduces the cost of regular eye exams, glasses, and contacts. Some health insurance plans include vision insurance and others don’t. You can purchase a stand-alone vision insurance plan for lower out-of-pocket costs of vision correction services, including eye exams, eyeglasses, frames, and contact lenses.
