Life Insurance

When it comes to life insurance, you want to make sure you have the right plan to protect you and your family. Making sure you fully understand the various types of coverage and figuring out how much you need is crucial to your plan. MLR Financial Company can discuss different ways you can protect your loved ones now and into the future.

Check out the chart below for a full description of the different types of life insurance on the market today.

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We’re here to help answer your questions. Financial, insurance, and tax matters can be complicated, our experts are on hand to help inform you of every aspect regarding your accounts. We take great pride in using our expertise for you and look forward to hearing from you.

    MLR Financial Company will help you understand your employer benefits. This is our specialty! We assist with your HDHP, FSA 1, FSA 2, and HSA plans.

    High Deductible Health Plan (HDHP) is a plan with a higher deductible than a traditional insurance plan. While the monthly payment is lower, you pay more in healthcare costs before your insurance company starts to pay their share. This plan can be combined with a health savings account (HSA), allowing you to pay for some medical expenses with tax-free money. For more information about this plan, contact us.

    Another option you can choose through your job is a Flexible Spending Account (FAS 1 or FAS 2) to pay for your co-payments, deductibles, drugs, and some other costs. Using this method can reduce your taxes. A FSA account is a special account you put money into to use to pay any out of pocket healthcare costs. You do not have to pay taxes on this money. You will also actually save money equal to the taxes would have set aside. Your employer may make contributions to your FSA, but they are definitely not required to.

    Here’s a few facts about FSAs:

    1. They are limited to $2,650 per year, per employer.
    2. You can use FSA to pay down deductibles and co-payments
    3. You can spend FSA funds on prescription medications.
    4. You can also cover medical equipment, bandages, and more.

    They recommend to use you FSA within the plan year. You can also receive up to 2 extra months of grace period. This can allow you to carry up to $500/per year to use the following year.

    There is always a Health Savings Account (HSA) which allows to you to set aside money on a pre-tax basis to pay for qualified medical expenses. Sometimes this method can help you lower your overall healthcare costs. These funds cannot be used to pay premiums. Of course, you can only contribute to an HSA if you have a High Deductible Health Plan (HDHP). An HSA may also earn interest, which is also not taxable.