J.J. McCorvey

speaker

619 appearances 13 recordings 1 series first heard May 2021 last heard Jul 2022

J.J. McCorvey’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Open Enrollment: Weighing Health Insurance Coverage vs. Cost · 4 Nov 2021 podcast

And that would also qualify you for an HSA, which I know we'll get to shortly. matched

Yeah, so employers offer HSAs to employees who pay into, like I said, high deductible plans. matched

But the biggest benefit of HSAs is employees are able to set aside pre-tax dollars to pay for services and prescriptions themselves. matched

out-of-pocket. matched

The government this year raised the cap for how much employees can set aside into this tax-free account. matched

So this year it's $3,650 for individual coverage and $7,300 for family coverage. matched

And again, this money is pre-tax dollars and it actually grows over time. matched

So you're paying for medical expenses and matched

with pre-tax money, which saves you a cost. matched

But also financial planners look at this as a really potent retirement strategy because later on down the line, you can withdraw from this account and not pay tax on it or any penalties in your retirement. matched

So you're essentially reimbursing yourself. matched

Sure. matched

So I spoke to Johnny Taylor, who's the president and CEO of the Society for Human Resource Management. matched

They typically go by SHRM for short. matched

And he said that there were a lot of different kinds of insurance and workplace benefits that he was seeing that employees should be on the lookout for this season. matched

A few of those are pet insurance. matched

You know, a lot of people adopted dogs, for example, during the pandemic and are curious to see if maybe their employer's pet insurance policy might be cheaper than what they currently have. matched

A couple others are financial wellness programs and mental health programs. matched

So Mr. Taylor said that he was seeing more direct professional advice being offered from employers to help employees with their finances. matched

So maybe you have a financial emergency and you might be able to call an 800 number to kind of walk you through the situation when it comes to your money. matched

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