As we approach the filing deadline for 2023 individual tax returns, we want to remind you that there is still time to make contributions to your Individual Retirement Account (IRA) and Health Savings Account (HSA) for the 2023 tax year. The IRS allows contributions for a given year anytime between…
What is an HSA? As Health Savings Accounts (HSA) become more popular, you may ask the question, “what is an HSA?” An HSA is a health account that is used for qualified medical expenses. Common examples of qualified medical expenses include dental care, glasses, prescription medication, insulin, and so forth.
Why would I suggest contributing to a Health Savings Account (HSA) instead of a 401(k) retirement account? It is simple, HSAs provide “triple-tax-free” benefits on qualified medical expenses plus you can treat the account like a “sleeper retirement account” once you reach age 65. Hold on, don’t reach for the…
You may have heard of the term HSA before but aren’t sure what it really means and if you should be using one. A health savings account (HSA) is essentially a savings account for medical expenses. These accounts are available to anyone who is employed, self-employed, or even unemployed (think…
