March 19, 2022 Issue, Page 8 of 8

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8 March 19, 2022 Students Design Garments Out Of Newspaper Elk City is fortunate to have the Rt. 66 Museum complex which brings many folks to town. These ladies were on vacation from Wisconsin and stopped by the museum. Staff photo by Neva Pyatt. Mention Code ECN fora discount MOVEIN S107 MOVE N SPECIAL VENTURA REMINGTON WINSOR HEIGHTS STATION PONT | ie 2 = Fashion Design students created “Newspaper Garments” for their most recent project using nothing but news- 220 RIDGECREST DR, ELK ITY OK paper, approved adhesives, and one textile piece. Courtesy of Family & Consumer Sciences, ECHS Facebook. DU0.225.A495 aoa nin HSA: A healthy way to save for retirement Providing comfort and Supportfor End of Life cholces Many expenses in life are single coverage, or $7,300 for it moves with you when you Hospice care provides medical services, emotional support, and spiritual re- unpredictable. But there are family coverage. And if you're leave a job. sources for people who are in the last stages of a serious illness, such as cancer two things you know you'll 55 or older, you can put in an Furthermore, unlike a have to pay for: medical bills extra $1,000 per year. 401(k) or a traditional IRA, an or heart failure. Hospice care also helps family members manage the practical and retirement. You'll prob- ‘Tax benefits - An HSA has HSA does not require you to details and emotional challenges of caring for a dying loved one. ably need to take a variety of triple tax advantages: Your begin taking withdrawals once steps to meet these costs, but contributions are made with you reach 72 — you can leave one financial instrument that pre-tax dollars, so they can re- your account untouched for es- For questions regarding hospice service or eligibility, contact: can help is a health savings ac- duce your taxable income for sentially as long as youd like. count (HSA). the year; your earnings grow ‘And while you may need to use Carrie Perry, RN/ Adminsistrator If you're not familiar with an tax-free; and your withdraw- your HSA funds to meet your HSA, here are the basics: als are tax-free, provided the medical expenses in retire- Pat Welsh, RN/ Coordinator of Patient Care Eligibility - If you are en- money is used for qualified ment - which can be consider- rolled in a qualified high-de- medical expenses. (Withdraw- able, even with Medicare - you ductible health plan (HDHP), als taken before age 65 that can use what you don’t spend you can generally contribute aren't used for qualified medi- Some of the most common conditions are: to an HSA. While HSAs are cal expenses are taxable and on medical costs for your other needs without penalty, once * Cancer * Failure to Thrive * End Stage Cardiac Disease (CHF) typically offered through em- subject to a 20% penalty; once * End Stage Cerebrovascular Disease (CVA) * End Stage Amyotrophic ployers, you can still open you reach 65, the penalty no you reach age 65. (As men- one if your employer doesn’t longer applies, although with- tioned above, any HSA with- Lateral Sclerosis (ALS) * End Stage Pulmonary Disease (COPD) provide it, or if you're self- drawals are still taxable.) drawals not used for qualified * End Stage Liver Disease * End Stage Renal Disease * AIDS/HIV employed, although you must In addition to its providing medical costs are taxable.) have HDHP coverage. You also tax benefits, an HSA can help Here’s one other point to + End Stage Neurological Disease such as Parkinson’s or Alzheimer’s can't be enrolled in another you in other ways. Perhaps keep in mind: Your HSA likely health insurance plan, other most significantly, your HSA contains investment options, carrte than those permitted, such as can be an additional financial along with a cash account. If dental, vision, long-term care resource for your retirement. you put all your funds in the Perry, RN Professional, Passionate and disability insurance, and That’s because the money in cash account, as many people Advance, Attentive... you can’t be enrolled in Medi- your HSA can be carried over do, you might be depriving care. Also, you can’t be claimed from year to year - you aren't yourself of the growth op- as a dependent on another obligated to “use it or lose it.” portunities provided by the Our Difference Is Our Care person's tax return. So, the money not spent on investment options. On the Contribution limits - In annual medical expenses can other hand, of course, these 2022, you can put in up to continue to grow tax-deferred. investments generally carry Have you ever considered becoming $3,650 to an HSA if you have Plus, an HSA is “portable” - more risk. One possible way to benefit from both parts of your a hospice volunteer? HSA is to keep enough cash to cover your health insurance’s A fulfilling experience in the spirit out-of-pocket maximum and invest the rest. of giving and receiving. Edward Jones, Member SIPC ‘As you can see, an HSA can help you in numerous ways. If you have access to one, consid- 2014 W. 3rd | Elk City, OK 73644 er taking advantage of it. Robert Stephens (580) 225-3156 This article was written by Ed- ward Jones provided by Robert Financial Advisor [email protected] Stephens of Edward Jones Finan- cial Advisor.