This savings account can help defray health costs — and you likely d on’t know much about it

This savings account can help defray health costs — and you likely don’t know much about it
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WED, SEP 26, 2018
YOUR WEALTH
Editor’s Note
What do you actually know about health savings accounts? If your answer is “not much” then you need to look into HSAs and see if they make sense for you. While HSAs are gaining in popularity, many people are still not taking full advantage of all that the accounts have to offer.

HSAs allow account owners to pay for current health-care expenses and save for those in the future. The most impressive thing is that they offer a triple tax advantage … triple.

Contributions are 100% tax-deductible (up to the legal limit), so they reduce your federal income taxes owed. Assets in your HSA account typically grow tax-free, at least at the federal level and funds can be withdrawn without being taxed by Uncle Sam if you use them for qualified medical expenses.

It’s worth your time to look into an HSA and check out the triple tax breaks.

For more cool stuff like this, please follow me on Twitter @jimpavia.

For more, check out CNBC’s Financial Advisor Hub.

Jim Pavia

@JIMPAVIA

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CONTRIBUTORS
5b460bc98c1ce.png Sharon Epperson
@sharon_epperson
5b44bc0e4b20b.jpg Josh Brown
@ReformedBroker
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