The increasing costs of healthcare is one of the top concerns among Americans today. One option to consider to help pay for these costs is to take advantage of tax-advantaged savings specifically for health expenses through a Health Savings Account (HSA). HSAs offer three different tax advantages:
- Contributions are deductible
- Earnings are tax-deferred while in the HSA, and
- Distributions are tax-free when they are used for qualified medical expenses
If you’re enrolled in a high-deductible health insurance plan, you may want to consider contributing to an HSA. Keep in mind that, like other retirement savings vehicles, HSAs come with their own set of rules you must follow to enjoy all of their tax benefits.
To find more about how to plan for healthcare costs and to discuss whether an HSA is right for you, contact our office at (877) 714-2362 to schedule a time to visit.
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Walter F. Pardo, Founding Partner
An Ed Slott Master Elite IRA Advisor
22 Church Street | P.O. Box 60 | Liberty Corner, NJ | 07938
Phone (877) 714-2362 | Fax 1 + (908) 325.0008