by Sheldon J. Harber, C.F.P.
The historic decision by the United States Supreme Court authorizes Congress to mandate health care insurance for you if it votes to create a new tax.
Here’s how it will affect you:
Good news for parents: You’ll be able to keep your children on your current health plan until they’re 26 and health coverage is portable.
Because this is a tax issue, here’s how you can protect yourself if taxes are created or raised:
- Consistently manage your investment capital gains and losses
- Maximize pre-tax contributions to your 401(k) or 403(b) plan
- Invest in a 529 college savings plan to greatly offset educational inflation costs
- Create a Roth IRA plan; annual contributions up to $5,000; $6,000 if age 50 or older
Analysis will continue for several weeks about the Supreme Court decisions. It is unlikely Congress will modify law as it stands during election year. Analysts estimate a half-billion dollars will be cut from Medicare with a $2 trillion tax increase if the current health care law isn’t changed.
You’re best served by an experienced financial and tax professional. ASI has been serving clients for 40 years. Visit us at our website, www.assetstrategiesinc.com, call us at 314-432-0288 or email me at Sheldon@assetstrategiesinc.com. We also provide services in Chicago. Call Paul Wedeen at 630-556-4672 or email him at Paul@assetstrategiesinc.com.
Securities offered through a non-affiliated company, Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Investment Advisory Services offered through Cambridge Investment Advisors, Inc. a registered Investment Advisor