Financial Coaching for Kingdom Men

If you're considering a High-Deductible Health Plan (HDHP) during open enrollment, you may have the option to open a Health Savings Account (HSA). This is a powerful tool that transforms the way you manage your healthcare costs and save for the future. An HSA is essentially a personal savings account, but with incredible tax advantages. It offers a triple tax benefit that no other savings vehicle provides: Contributions are tax-deductible , lowering your taxable income for the year. The money grows tax-free , just like in a retirement account. Withdrawals are tax-free when used for qualified medical expenses. This means you get a tax break on the money going in, a tax break on the money while it grows, and no taxes when you take it out for medical needs. Unlike a Flexible Spending Account (FSA), your HSA funds belong to you and roll over from year to year. There's no "use it or lose it" pressure, making it a fantastic tool for both current healthcare needs and long-t...

  Did you get a notification from your HR department that it’s open enrollment time? Or are you insuring yourself and you heard that the Open Enrollment Period for HealthCare.gov insurance plans are from November 1 to January 15. Or maybe you had a life event like getting married, having a baby or adopting, loss of employment or getting a new job. If so, the information you will be receiving is a lot and many people find it confusing. The decision you make now can affect your health insurance coverage for the next year and can affect your finances for years. We are going to walk through some of the common terminology that you should be familiar with as you sign up for health insurance, discuss how these decisions can affect you financially, and offer some ideas to consider when you decide to choose the best plan for you and your family. Understanding the Language of Health Insurance Before you can make a confident decision, it helps to speak the same language as your insurance prov...

  I ask a simple question, but the response is often the same: "Do you have a budget?" "A what?" "Do you have a spending plan so you know where your money is going?" "Ummm... no." "How do you keep track of your money?" "We don't." That feeling of dread, of wanting to keep your head in the sand—I can understand it. It feels easier to just worry about money when a bill collector is calling. But they will call, and sometimes they will even take a piece of your income. Working in Human Resources and Payroll, I saw it happen on a regular basis. I would call an employee to let them know a garnishment had come in, and the common response was, "What do you mean? I was never informed about it," or, "Which company is garnishing now?" Not tracking your money and not paying your bills will only lead to more problems. In my own family, there were periods when our income didn't cover our expenses. We didn't b...