Healthcare costs can be hard to predict. While routine care can be expensive, expenses from unexpected health issues can be overwhelming. Now is the time to take action and include healthcare plans in your wealth strategy or review the ones you already have.
LOSS OF INCOME
What would happen if you or your spouse had an unexpected accident or health problem and couldn’t work? Consider whether this loss of income is made worse by another family member needing time off to care for you. Talk with your trusted professional about how to prepare for these kinds of medical events in your wealth strategy. Also, think about whether shortand long-term disability insurance might help your situation.
HEALTH SAVINGS ACCOUNTS (HSAS)
HSAs provide tax advantages: contributions are made with pre-tax dollars, earnings grow tax-free, and withdrawals for qualified medical expenses are also tax-free. If your employer contributes to an HSA for you, those contributions might be excluded from your gross income. Contributions remain in your account to grow until you use them. To save in an HSA, you must be enrolled in a high-deductible health plan. Additionally, you cannot currently be enrolled in Medicare or claimed as a dependent on someone else’s tax return.
Starting in 2026, bronze and catastrophic marketplace plans become HSA-eligible, and direct primary care fees are qualified expenses. The bill also permanently allows HSA funds to be used for telehealth services without requiring a deductible to be met, effective retroactively for 2025.
PLAN ON A LONG LIFE
High-net-worth individuals tend to spend more on preventative care and live longer. While including health in your wealth strategy won’t prevent a health event, it can help protect you and your loved ones. It’s important to consider not only how health can impact your lifestyle but also your future goals, including philanthropic endeavors, discretionary spending, and wealth transfer plans.