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Amazon Prime Day has already taken place in 2022, in July. But Amazon, which earlier in 2022 raised its subscription rates, is bucking tradition for the first time: A second two days of Amazon Prime Day-like deals is on for October, specifically Oct. 11-12. It's called Amazon Prime Early Access. That could mean a boost to Amazon's bottom line right before the holiday shopping season and loads of deals for shoppers looking to get a jump on their end-of-the-year holiday shopping.
SEE MORE Amazon Warehouse: Where Amazon Prime Returns Become Your Next Online Bargains
This new Amazon Prime benefit could also buoy the spirits of Prime members tired of seeing their perks slashed.
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Too many young professionals are leaving Uncle Sam an enormous tax gratuity. How are they doing this? By not taking full advantage of the triple tax benefits of a health savings account. I've yet to meet anyone who wants to pay more taxes. Many do not mind paying their fair share, but they do not want to leave a tip.
SEE MORE ‘I Can't Retire - I Need Health Insurance'
An early to mid-career professional with a high-deductible health plan (HDHP) could be missing out on six figures of lifetime tax savings. With open enrollment for health insurance around the corner, it's time to understand and utilize the benefits of your HSA.
What Qualifies as a High-Deductible Plan?
For 2023 a high-deductible health plan is defined by the IRS as one with a deductible not less than $1,500 for self-only coverage or $3,000 for family coverage, and for which the annual out-of-pocket expenses do not exceed $7,500 for self-only coverage or $15,000 for family coverage. Healthy young professionals are prime candidates for an HDHP. That is because many of them need minimal medical care; they visit the doctor annually and have no or few drug prescriptions.
Because their medical expenses are low, money contributed to a health savings account can be used to generate significant tax savings while also building a large health care nest egg.
What Are the Triple Tax Benefits of HSAs?
Contributing to a health savings account provides a triple tax benefit:
First, anyone who
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