You might have heard about the Health Savings Account (HSA) when analyzing the list of insurance options your employer has available. It’s a recent thing and shows a lot of promise in allowing people to save up for the health costs that are almost always associated with aging and retirement. There are many benefits of a Health Savings Account. In fact, more and more applicants are jumping on the bandwagon - and for very good reasons, as you shall see below. In this article, we’ll go over the cover and benefits of HSA, and the ways in which you … [Read more...] about What Are the Benefits of a Health Savings Account?
A health savings account (HSA) is a tax deferred medical savings account available to individuals currently enrolled in a high deductible health insurance plan. There are many benefits of health savings accounts that you can take advantage of. The money contributed to the account is deposited pre-tax, and can be withdrawn tax free if used for qualified medical expenses. Withdrawals for non-medical related expenses are taxed very similar to an IRA, in that they can be withdrawn after a certain age without penalty. Main Benefits Of Health … [Read more...] about The Benefits Of Health Savings Accounts