Concerned about future healthcare costs?
Increasing healthcare costs is one of the top concerns among Americans today. One option to consider to help pay for these costs is through a Health Savings Account (HSA). HSAs offer three different tax advantages:
- Contributions are tax 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. However, like other retirement savings vehicles, HSAs come with their own set of rules you must follow to enjoy the tax benefits.
To learn more about how to plan for healthcare costs and to discuss whether an HSA is right for you, contact our office at 517-435-4040 to schedule a time to visit.
3 Comments
Leave a Comment
Ready to Take The Next Step?
For more information about any of the products and services listed here, schedule a meeting today or register to attend a seminar.
Now that I’m working can I contribute to a HSP?
Hi Richard! Our team will reach out to discuss your personal situation with you!
Also for further education for all: if you are enrolled in Medicare, you cannot contribute to a Health Savings Account. Here’s an article that explains more: https://www.fidelity.com/learning-center/personal-finance/hsas-and-medicare