Some employers offer HSAs (Health Savings Accounts) which are usually paired with high deductible medical coverage plans. It lets you set aside tax-free dollars to pay for qualified out-of-pocket health expenses.
There are HSAs available for the self-employed. We set ours up through Health Savings Administrators in Richmond VA. They offer Vanguard mutual fund options for investing the $. The account grows tax free waiting for the day we need $ for medical expenses.
We receive electronic quarterly statements. It is set up for Bob since he's the self-employed family member. It shows myself as beneficiary with our daughter Marny as secondary beneficiary.
We contribute the max for now. It will be there in the future to help with extreme needs or long term care. When we take out $, it is taxable that year.
Just another way to grow $ tax free.
'til later
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