Health Savings Accounts, available to those with high-deductible health-insurance plans, still offer worthwhile advantages. The accounts can be tapped for out-of-pocket medical expenses. What's left grows untaxed and, after age 65, the funds can be used for other purposes, too. The accounts are fed by the insured, though some employers may contribute.

The annual caps on deductible contributions rise this year to $6,550 for account owners with family coverage and to $3,300 for individual coverage. Those born before 1960 can put away an extra $1,000. Accounts can even be funded mid-year or later.

Minimum policy deductibles on these plans remain at $2,500 for families and $1,250 for individuals. But the limits on out-of-pocket costs are rising to $12,700 for family coverage and $6,350 for individual coverage. The out-of-pocket costs include plan deductibles, copays and other expenses, but not premiums.

For nearly 30 years, Mike Nickerson has owned and managed a small, full-service accounting practice in the Midcoast. He holds a bachelor's degree in accounting from University of Southern Main and a master's degree in financial planning from Bentley University.

He is a past board member and president of the Maine Society of Certified Public Accountants and currently serves on the Maine Board of Accountancy.

An aged rock musician, Nickerson now finds musical enjoyment playing upright and electric bass in a variety of bands spanning folk to jazz music genres. He and his wife have three grown children, and they enjoy their free time hiking, kayaking, golfing, bicycling and motorcycling.

http://www.nickersonpa.com/