Health Savings Accounts (HSAs) offer tax benefits that can help you save for future healthcare costs. But how do you access the funds for out-of-pocket medical expenses once you’ve started saving?

Like all qualified savings plans, you need to play by the IRS rules to enjoy the tax benefits and avoid expensive penalties. Failing to follow HSA distribution rules can result in you having to pay income tax on the entire distribution and an additional 20% penalty.

To ensure you take your withdrawals properly, download “Planning for HSA Distributions in 5 Easy Steps.”

For questions or more insight, contact our office at 517-435-4040 or questions@richmondbrothers.com.