Randy Eschels photo
Garett Eschels photo


Randy Eschels, CLU, ChFC, CFP®


Garett Eschels



Eschels Financial Group, Inc.

555 S Old Woodward Avenue, Suite 612

Birmingham, MI 48009


Phone:  248-644-1144


Fax:      248-644-7820





November/December 2021

Smart Financial Moves at Year's End

Smart Financial Moves at Years End

Looking to make some smart money decisions as 2021 draws to a close? Start by reviewing whether you've taken full advantage of your insurance benefits.

Health Insurance
If you've met your annual deductible for 2021, arrange to schedule medical tests, doctor visits, or elective surgery by year's end, before your deductible resets in the new year.

Dental Insurance
Dental plans generally have a maximum coverage amount. If you need dental work beyond preventive visits, such as fillings, crowns or a root canal, have the procedures done before the end of the year. That way, your full 2022 benefit will be available to you should you need additional dental work next year.

Flexible Spending Account (FSA)
An FSA allows you to use pre-tax money to pay for a variety of health care expenses, including copays, prescription drugs, glasses and contact lenses, and other health-related costs. For 2021, federal guidelines allow contributions of up to $2,750 in an FSA, thus reducing your taxable income by the contributed amount. If you have money left in an FSA, remember to use it by December 31, or by the end of your plan's grace period, if any.

Health Savings Account (HSA)
If you're covered by a high-deductible health plan (HDHP), you're able to set aside pre-tax dollars in an HSA to pay health care expenses, such as deductibles, copay, co-insurance, and other health-related costs. Contribution limits for 2021 are $3,600 for self-only coverage and $7,200 for family coverage. Individuals aged 55 and older can contribute an additional $1,000. Contributions to an HSA reduce your taxable income for the year, so fund your account before year's end to take advantage of the tax savings.

Charitable Donations with Life Insurance
You can take a charitable contribution tax deduction for the cash value and any premiums you pay on a life insurance policy you donate to a charity. You can take out a new policy in the name of the charitable organization or transfer ownership of an existing policy. Alternatively, policy dividends that you receive in cash and donate to a charity are deductible but may reduce the policy's death benefit.


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Securities offered through Concourse Financial Group Securities, Inc. (CFGS), Member FINRA/SIPC. Advisory services offered through Concourse Financial Group Advisors, a DBA for CFGS, a Registered Investment Advisor. Eschels Financial Group, Inc. is independent of CFGS.
Eschels Financial Group, Inc. and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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