A Health Savings Account offers a tax-favored way for eligible individuals (or their employers) to set aside funds to meet medical needs. Among the tax benefits: 1) contributions are deductible within limits; 2) earnings in the HSA aren’t taxed; 3) contributions an employer makes aren’t taxed; and 4) distributions to pay qualified expenses aren’t taxed. […]
Tag Archives | HSA Tax Advantages
Is an HSA right for you?
A Health Savings Account (HSA) offers tax-advantaged funding of health care costs. If you have a qualified high-deductible health plan, you can contribute to an HSA sponsored by your employer or set up by you. You own the account, which can bear interest or be invested. It can grow tax-deferred, similar to an IRA. Withdrawals […]
