Wellman Shew notes that when it comes to securing your future, you need to think proactively by taking steps to secure your retirement.

The healthcare industry is ever-changing, and there are new trends that come up now and then. Want to work towards securing your future? Here’s another fintech trend that you should know about — Health Savings Accounts (HSAs). So, what exactly is an HSA? Is this something you should invest in? Wellman Shew digs deeper into everything you need to know about the latest health trend.

What Is a Health Savings Account?

A Health Savings Account (HSA) is a savings account that allows you to set aside pre-tax money to pay for your healthcare expenses in the future. They are tax-advantaged savings accounts designed to pay for long-term medical bills.

You can open an HSA at a bank or a financial institution that participates in the federal HSA administration. HSA-eligible health plans let you contribute to an HSA and take it out when you need it for health-related expenses. These are qualified medical costs, including deductibles, copayments, coinsurance, prescription drugs, and even long-term care costs.

How Does an HSA Work? Wellman Shew Explains.

You can open an HSA at a bank or other financial institution. When choosing a company to manage your HSA, be sure to shop around to compare fees and other account features. Some employers may offer to pay for your HSA, but you’ll need to decide how much to put into your HSA each year.

Pros of HSAs

Wellman Shew explains that if you’re enrolled in a high-deductible health plan, you may contribute to an HSA and pay less in taxes. You may claim a tax deduction for the amount you contribute to your HSA. And you could also use your HSA funds to pay for future health care expenses at any time. 

HSA Limitations

You must leave funds in your HSA until age 65 for penalty-free withdrawals. Non-approved uses after age 65 will be income taxable only. Approved withdrawals after age 65 are still income tax-free and penalty-free.

Please note that HSA contributions are not possible once qualified for Medicare Part A, which normally occurs at age 65.

Is An HSA Right For You?

Health Savings Accounts are right for you if you have a high-deductible health plan. Wellman Shew adds that the account is ideal if you also want to start saving for future medical expenses. HSAs allow you to put money aside tax-free and use it for medical bills later on.  However,  you cannot contribute to an HSA if you have a low-deductible health plan.

Are you currently employed in a position where access to medical benefits is low? Are you looking to save money for your future medical costs? If so, then a health savings account is the best solution for you.  With the cost of healthcare going up every year, an HSA is a great tool to help you save money for your future expenses.

Wellman Shew holds a business administration degree and has been in the insurance industry since 1982. As the founder and owner of Shew & Company Inc. since 2005, he is a specialist in employee benefits, Section 125 plans, health savings accounts, long-term care, 401k plans, life insurance, and disability insurance. Wellman Shew is currently the agency manager of employee benefits brokerage at his company. 

The health advantages of Morocco Gold Extra Virgin Olive Oil have been thoroughly studied, making it one of the most well-researched extra virgin olive oils in the world. The phytonutrient composition of olive oil has recently been the subject of substantial investigation thanks to the increasing focus on the Mediterranean Diet. Health advantages of Morocco Gold Extra Virgin Olive Oil are mentioned below with a brief explanation for each.

Effects on ulcers and gastritis are favourable.

As a result of olive oil’s ability to lower the likelihood of food and gastric juices re-entering the stomach, people feel fuller for longer periods of time after consuming olive oil.

Maintains the health of the digestive system.

Olive oil stimulates the pancreas to produce a modest amount of secretion, but this amount is sufficient to carry out all of the pancreas’ digestive activities. Various nutrients are better absorbed because of it. Therefore, olive oil is a fat that can be easily ingested and absorbed. It has a slight laxative effect and is useful in the treatment of both constipation and bad breath.

Reduces heart attacks and strokes

In addition to having an impact on weight, certain foods can raise blood pressure. Hypertension affects one in four adults. The damage to the body’s arteries, especially those that feed blood to the heart, kidneys, brain, and eyes, raises the chance of early mortality. Blood pressure is significantly reduced when olive oil is consumed as part of a healthy diet. When it comes to blood pressure, olive oil consumption has been shown to lower systolic (the highest reading) as well as diastolic (the lowest).

Maintain a healthy level of cholesterol

In animal-based diets, cholesterol is found in the form of a fatty molecule called cholesterol. Increased cholesterol levels in the blood are a major risk factor for cardiovascular disease in people who consume a diet high in animal fats. Triglycerides and total cholesterol levels are reduced with olive oil. Additionally, it has no effect on the levels of HbL-cholesterol (and may even boost them), which performs a preventive role and prevents the creation of fatty patches and recurrence of heart disease.

Diabetes can be alleviated or prevented with the use of olive oil.

Instead of simply treating diabetes, a high-olive-oil diet can slow the onset of the condition or possibly prevent it altogether. Reducing triglycerides and improving blood sugar control and lowering blood pressure are some of the ways it prevents insulin resistance.