Health savings account

HSA Benefits That May Surprise You

You have likely heard of Health Savings Accounts (HSAs), and you may even understand the basics of how an HSA works. These accounts are really not too complicated. If you have a qualifying high deductible health plan, you may contribute to an HSA. Then, you can take tax-free distributions to pay for qualified medical expenses.

5 HSA Rules You Need to Know

Health Savings Accounts (HSAs) are rapidly growing in both size and in number. These accounts offer deductible contributions and tax-free distributions for qualified medical expenses. An HSA can be a valuable tool not only for paying for medical expenses but also for planning for your future. Here are 5 HSA rules you need to know.

5 HSA Benefits That May Surprise You

You may be familiar with Health Savings Accounts (HSAs). These accounts have been around now for a while. They work with high deductible health insurance and are known for their triple tax benefits. Contributions can be deducted. Earnings are tax deferred while in the HSA account and, if HSA funds are used for qualified medical expenses, both contributions and earnings are tax-free when distributed. While you may know the basics, here are 5 HSA benefits that may surprise you:

HSA Rules Get Tricky Once You Hit Age 65

An HSA has been described as offering triple tax benefits. One, contributions are deductible. Two, there is no taxation on funds while they are in the HSA and, three, distributions taken for qualified medical expenses are tax-free. Not a bad deal! When you reach age 65, however, there are some important changes in store for your HSA.

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