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Paying for health care can be
challenging — but are you taking full advantage of all the resources available
to you?
You
might have access to a Health Savings Account (HSA) or a Flexible Spending
Account (FSA), so let’s look at both.
An HSA
is a personal savings account used to pay health care costs. If you’re enrolled
in a high-deductible health plan, you also may be eligible to contribute to an
HSA. You aren’t taxed on the money you put into this account or on the earnings
generated from your contributions, as long as withdrawals are used for
qualified health care costs such as deductibles, copayments and coinsurance.
And there’s no “use it or lose it” provision with HSAs — the money stays in
your account until you use it. In fact, you can carry your HSA with you all the
way until retirement, when you can use the money to pay for qualified expenses
that Medicare or Medicare Supplement Insurance (Medigap) doesn’t cover. In
2023, you can contribute up to $3,850 to an HSA, or $4,850 if you’re 55 or
older; for family coverage, you can put in up to $7,750.
It’s important to keep in mind that your HSA’s tax
benefits only apply when your withdrawals are used for qualified heath care
costs. If you use the money for non-qualified expenses, it is considered
taxable income, and you may also face a penalty of 20% on the amount withdrawn.
However, once you turn 65, you can use your HSA funds for any purpose without a
penalty, though the withdrawals will still count as taxable income.
Now, let’s turn to the Flexible Savings Account. An FSA
may be available to you if you get health insurance through your employer. And
because you fund your FSA with pretax dollars, your contributions can reduce
your taxable income. (In 2023, you can contribute up to $3,050 to an FSA.) Your
employer may also choose to contribute to your FSA. Once your account is funded
and active, you submit claims with proof of your medical expenses, along with a
statement that these expenses aren’t covered by your plan, and you can be
reimbursed for your costs.
It’s helpful to
have a good estimate of your yearly medical expenses for a Flexible Savings
Account. That’s because an FSA generally needs to be spent before the end of
the plan year — if you don’t use all the money, you can only carry over some of
it and any remaining balance is forfeited. (You can carry over up to $610 from
2023 into 2024.)
You
can't contribute to an HSA and a traditional FSA in the same year. But if you
have an HSA, you might be able to use what’s known as a Limited Purpose
Flexible Spending Account (LPFSA) for dental and vision expenses. You’ll need
to check with your plan to see if this option is available.
Managing your health care expenses should be a key part of your overall financial strategy — so consider putting an HSA or FSA to work for you.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL 34205
Phone: 941-462-2445
chad.choate@edwardjones.com
This article was written by Edward Jones for use by your local
Edward Jones Financial Advisor.
Edward Jones, Member SIPC
As the owner of Ashton Senior Placement, I want you to know that my journey into senior living began not in an office, but on the front lines, working as a nursing home social worker. For years, I had the privilege of walking alongside countless families and their loved ones, helping them navigate the daily realities of long-term care. This experience gave me a profound understanding of the emotional and practical challenges involved, and it ignited a passion within me to make the transition to senior living a much smoother, more positive experience for everyone.Why I Founded Ashton Senior PlacementI founded Ashton Senior Placement because I saw a critical need for a more personalized, compassionate approach to finding senior care. In my social work role, I often witnessed the overwhelming feelings families faced trying to sort through countless options on their own. My goal was to create a service that takes that burden off your shoulders, offering expert guidance rooted in real-world experience. I want to be the trusted resource I wished every family had during those complex times.Leveraging My Expertise for Your Peace of MindMy years as a social worker gave me an intimate understanding of the nuances within senior care communities what makes a good fit, what questions to ask, and how to identify quality care. I've been inside these communities, I've seen them in action, and I've advocated for residents. I leverage this unique expertise to meticulously vet each option, ensuring I recommend only the places that meet the highest standards of care and genuinely feel like home. Your peace of mind is my priority.More Than Just a Match It's About the Right FitFor me, its never just about finding 'a' place; it's about finding the right place. Just as I worked to understand the individual needs and personalities of residents in the nursing home, I apply that same approach here. I believe every senior deserves a community where they can thrive, maintain their dignity, and find joy. That's why I dedicate myself to understanding your loved one's unique preferences and needs, ensuring a match that truly feels like home.Your Trusted Advocate and GuideConsider me your advocate and guide through this important life transition. Having navigated countless difficult conversations and complex decisions in my social work career, I'm well-equipped to support you without judgment. From our first conversation to helping you tour facilities, I'll be by your side, providing clear, honest advice and unwavering support. My aim is to make this journey as smooth and stress-free as possible for your entire family, because I truly care.Our Service Is Free to You Here's HowOne of the most common questions I get from families is, 'How much does your service cost?' I'm always happy to tell them: my services at Ashton Senior Placement are completely free to you and/or your loved one. This might sound surprising, especially when you're already facing potential senior living expenses, but I want to be transparent about how it works. Just like how real estate agents are compensated by the seller, I receive a referral fee from the senior living communities once your loved one successfully moves in. This means my focus remains entirely on finding the absolute best fit for your needs, without any financial burden on your family during an already challenging time. My commitment is to your peace of mind, not your wallet.
If you're planning to retire within the next few years or youve recently retired market volatility may feel especially unsettling. After years of saving and planning, you're now entering a stage where your portfolio may shift from growth to providing income. The five-year window before and after your retirement date is especially critical when market downturns can have an outsized impact on your long-term financial security.While you can't control the markets, there are meaningful steps you can take to stress-test your retirement income, so it is not consumed entirely by market drops before you stop working. Explore your short- and medium-term income needs. One of the most important steps to take is to understand how much of your portfolio youll need to rely on for income. It depends on your other income sources such as Social Security, IRAs, 401ks, pensions and wages if you work in retirement. You'll want to avoid taking too much from your portfolio in response to a decline because that could increase the likelihood that your money may not last through retirement. A financial advisor can help you determine your threshold for monthly withdrawals, based on your income needs, long-term outlook, inflation and risk tolerance. Review your emergency fund. Are you able to set aside at least three to six months worth of essential expenses in cash or very low-risk investments? That could allow you to avoid digging too deeply into your portfolio or selling stocks or other volatile assets at a loss if the market drops. The income bridge from an emergency fund gives your longer-term investments time to recover and can reduce stress during down markets. You may even find you want more than six months in this fund to help weather emergencies, depending on your risk and your comfort level. Review your mix. As you approach or begin retirement, does your portfolio reflect your need for stability and income? You may need to reduce exposure to riskier assets such as stocks and increase holdings in more stable ones, like bonds or cash equivalents. Your ideal allocation depends on your risk tolerance, spending needs and other income sources. The goal is to shield your savings from major losses just as you begin drawing from them. Consider market swings. If the value of your portfolio dropped 20% tomorrow and stayed there for a period of time, would you need to change your lifestyle or spending immediately? Would you need to go back to work? If your answer is yes, revisit your asset allocation or spending plan. A more conservative approach may offer less upside but can provide greater confidence during the early years of retirement. Assess your spending. Even small budget adjustments can make a big difference, especially early in retirement. Do you need to consider postponing a major purchase or trimming discretionary spending? If you're still working, directing extra income into savings can help build a cushion. If youre already retired, keeping withdrawals as low as possible during market downturns can help support long-term sustainability. Stay grounded and get support. Market swings are inevitable, but emotional reactions and risky investing can lead to costly mistakes. Dont abandon your investment strategy. Instead, focus on what you can control: your asset mix, spending and flexibility. A financial advisor can help you stress-test your retirement plan, evaluate your options and stay focused on your long-term goals even when the markets are anything but steady.Chad Choate III, AAMS 828 3rd Avenue West Bradenton, FL 34205 941-462-2445 chad.chaote@edwardjones.comThis article was written by Edward Jones for use by your local Edward Jones Financial Advisor.Edward Jones, Member SIPC
Why Senior Move Management Makes Life Transitions Easier by A Call to Order Professional OrganizersSupporting Seniors with Care, Compassion, and ClarityLife ChangesWe Help Carry the Emotional WeightEvery home holds a lifetime of memoriesbirthdays celebrated in the kitchen, quiet mornings on the porch, the smell of favorite meals cooked with love. So when its time to move, especially for a senior, its never just about boxes and furnitureits about letting go, starting again, and doing so with dignity.At A Call to Order Professional Organizer, we understand the deep emotional layers of senior relocations. Whether you're moving a parent into assisted living or helping a loved one downsize, the process can feel overwhelmingfor everyone involved. That's where Senior Move Management becomes not just helpful, but essential.Senior move managers aren't just organizers. We're listeners, planners, advocates, and compassionate companions in what is often one of life's most emotional transitions. And for families navigating this journey, having that steady, understanding hand can make all the difference.How Senior Move Management Brings Peace to the ProcessBecause no one should feel rushed, lost, or alone during a move.Relocating later in life often comes with a swirl of emotionsgrief, uncertainty, fear of change. Add to that the physical strain and countless decisions that come with moving, and its easy to see how overwhelming it becomes. But with professional senior move support, what once felt unmanageable becomes a guided, step-by-step process grounded in care.Heres how we help make life transitions easier:1. A Clear Plan Reduces OverwhelmInstead of facing an entire house full of decades-worth of belongings, we break the process down into manageable steps. From sorting and downsizing to coordinating moving logistics and setting up the new home, everything is planned and paced for comfort and clarity.2. Emotional Support Is Just as Important as the Task ListOur team doesnt just focus on what needs to go wherewe focus on how it feels. We understand that parting with familiar items and leaving a long-time home can be heart-wrenching. We honor those feelings, allow space for them, and help families navigate them with kindness.3. We Make the New Space Feel Like HomeIts not just about moving thingsits about creating a safe, welcoming, and familiar environment in the new home. We recreate setups where possible, hang favorite artwork, place treasured items in view, and make sure the first day in the new space feels comforting and reassuring.Tips for Families Navigating a Senior MoveCompassion is the most important box to pack.Whether you're local or coordinating from afar, here are a few gentle ways to support a senior loved one through a move:1. Start Early and Go SlowGive the process time. Beginning conversations early allows room for thoughtful decision-making and minimizes last-minute stress. Rushing can lead to regret. Early planning is one of the most powerful tools for reducing anxiety.2. Honor Their StoryWhen sorting through belongings, listen to the stories behind the items. You might be surprised how healing it can be to reminisce. Ask questions like, Tell me about this photo or Who gave you this? Sometimes, being heard is just as important as being helped.3. Bring in a Neutral, Professional PartnerAs much as family means well, emotions can run high. A Senior Move Manager acts as a neutral guide, keeping the process organized and respectful while reducing tension between family members. We help keep the focus on what mattersa peaceful, positive transition.4. Focus on Whats Being GainedInstead of focusing only on whats being left behind, talk about whats ahead: a simpler space, closer community, more safety, or better access to care. Reframing the move as a new chapter helps ease the emotional weight.A Move with MeaningAt A Call to Order Professional Organizer, we know that a move is never just a move. Its a moment of transformation, one that deserves tenderness, understanding, and a team who truly cares.Thats why Senior Move Management is more than a serviceits a lifeline. We take on the physical burden, yes, but more importantly, we walk beside seniors and their families with warmth and respect, ensuring that no one ever has to face change alone.If you or a loved one is approaching a move and feeling overwhelmed, please know this: help is here, and it comes with a heart. Call us at 719-231-5425 or visit www.acalltoorderco.com to schedule a free consultation.Because making life transitions easierthats what were here for.FOLLOW US and stay inspired as you simplify and transition with love: LinkedIn: https://www.linkedin.com/in/acalltoorderco/ Facebook: https://www.facebook.com/ACalltoOrder Instagram: https://www.instagram.com/acalltoorderco/
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.