Forbes November 15, 2024
A Health Savings Account (HSA) is one of the most powerful yet underutilized tools in personal financial planning. Many people overlook the HSA, possibly confusing it with a Flexible Spending Account (FSA). However, an HSA stands out because it:
· reduces your income tax bill when saved,
· grows tax-deferred while invested,
· withdraws tax-free when used for qualified medical expenses, making it a unique triple tax-advantaged account.
Let’s explore how an HSA can support long-term medical savings—particularly for retirement.
The Short-Term Tax Advantages of Health Savings Accounts
Who doesn’t appreciate a current year tax break? To take advantage of an HSA, you need to elect a so-called high deductible healthcare plan. That should also come with a lower monthly...
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