Health Savings Accounts (HSA) have gained popularity as a way to compensate for higher deductibles and out-of-pocket expenses related to Medical Insurance. Think of an HSA as a medical savings account. Your contributions are tax deductible, grow tax deferred, and come out tax-free when used for eligible medical expenses.
Financially, it has been an unusual and stressful year. We are doing a series of “check up” articles to look at different areas of your finances to see what has changed, and what you might need to check up on to be sure your financial plan is still on track. The focus of this post is cash flow; many clients’ cash flow was affected significantly this year
Managing cash flow is key to being a financially healthy business. Most dentists know their monthly cash flows, with a keen awareness of when payroll, credit cards, rent, labs and the other big bills are due each month. But managing cash flow is not just about increasing next month’s production or reducing expenses.