The Scoop on Health Savings Accounts
As we move into 2018, those who are self-employed (or those with a high deductible health plan) continue to be concerned about their healthcare costs.
Individuals who have health savings accounts (and particularly those who do not) will benefit from the article by our friends at Investopedia. The article is titled: “How to Use Your HSA for Retirement” and is an excellent synopsis of the advantages of health savings accounts (HSA’s).
A quote from the article: “Thanks to its unique tax advantages, a Health Savings Account may be the best retirement option you never knew you had.”
One terrific advantage: Your HSA contributions are tax-deductible before you turn 65 and become eligible for Medicare.
Also, keep in mind that some states have different tax laws regarding taxation of HSA accounts. (Consult your tax advisor)
And don’t forget those ‘catch-up’ contributions.. If you have an HSA and you are 55 or older, you can make an extra “catch-up” contribution of $1,000 per year and a spouse who is 55 or older can do the same… however each of you must have their own HSA account.
If you qualify for an HSA, decide to take advantage of this “best retirement option”.
It is not often that I highly recommend an article to my readers…but this is one time that I do.
Here is the entire link for the Investopedia article: https://www.investopedia.com/articles/personal-finance/091615/how-use-your-hsa-retirement.asp#ixzz55yDX2eus
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