Health-related tax planning mistake most baby boomers make: Tax Strategy Scan

Health-related tax planning mistake most baby boomers make: Tax Strategy Scan

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65% of baby boomers are making a huge financial mistake that could leave them broke
Sixty-five percent of baby boomers have not prepared for their medical expenses in retirement, according to a survey by the NHP Foundation, Motley Fool reports. That’s because these clients think Medicare will cover all of their health-related bills, without realizing that they are responsible for most of the expenses, aside from premiums and coinsurance costs. To prepare for future medical costs, seniors should consider contributing to a health savings account, which is funded with pre-tax dollars and offers tax-free growth and withdrawals for qualified medical expenses.

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