Save for Health Expenses

No one wants to think about an adverse health event happening to ourselves or loved ones, but the reality is that sickness and accidents are a part of life. It is imperative that you be financially prepared should such an event occur. The earlier you start, the better.  Here are some ways to prepare:

• Take stock of your assets—know how much you have available to spend on unexpected or ongoing expenses
• Evaluate your insurance policies—estimate how much money could be coming to you should you become disabled or need specialized or extended care
• Engage your family—let trusted members of your family know about your plans and your assets

 
Amboy Bank can help you prepare for your health expenses. We offer products such as Health Savings Accounts and In-Retirement Loans in addition to our concierge-level service.  Speak to us today to learn about your options!
 

There are a number of ways that you can save for a health expense, whether it’s expected or not.  Because you never know when a health incident will occur, you should make sure that you have liquid funds available to pay for the expense.

Our calculator below is a good place to start to estimate how much money you might need to save.  Amboy Bank can help you decide where to grow your money, whether it be a Health Savings Account, Successful Savings Account, Money Market, or other vehicle.  
 

You know that you need to save for future health expenses, but how much should you be saving?  The future value of your savings is dependent on the starting balance, additional monthly savings, and the rate of return you receive on those savings. For the most accurate valuation, you will have to separate taxable accounts such as savings and CDs from your tax-deferred accounts such as 401(k)s and college 529 plans.

You can use our calculator below to see the path you are on.  Should you need assistance with creating or refining a plan, please contact us.