A Health Savings Account (HSA) may be a beneficial move for Americans to consider for future medical expenses. Business Insider’s Senior Personal Finance Reporter and Spokesperson Jennifer Streaks joins Yahoo Finance’s Wealth! to discuss the benefits of an HSA plan.
Streaks explains that the HSA is offered through an employer, and individuals can sign up for it similar to a 401(k). She suggests thinking of the HSA as “a bank account for your health,” noting that it is intended for medical expenses not covered by insurance plans.
She recommends investing in an HSA “as soon as you can.” The tax benefits include reducing taxable income, tax-free growth within the account, and tax-free withdrawals, providing “a triple tax benefit.”
#stockmarket #youtube #doctor
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Save money for the doctor. What about saving for living life in the present?
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HSA only works if you contribute to it. Many people add very little. I try to max out every year
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Just spoke to my Tax Accountant and most people may not realize that any money left in the account at the end of the year IS taxable. Contributions and qualified expenses are not taxable but money not spent from year to year ARE taxable. You will pay tax on the amount of cash in the HSA at the end of the year.