What Can A Health Savings Account Do For You?

The number of health savings accounts has been steadily increasing as these accounts are offered to the public. Both employers looking for ways to continue offering health insurance as a benefit to employees and people seeking their own individual plan invested in health savings accounts. Why this is a health insurance be of interest to both groups?

A savings account or HSA health is like a personal savings account with three very big differences. First, no matter how the balance is reversed, the gains are not taxable, provided they let the balance grow tax-free earnings and withdrawals to pay for healthcare that meets the criteria of the government. You can spend the funds for your child to review the dentist, treatment of medical massage your spouse, or your own acupuncture treatment. In fact, there is a long list of health-related expenses that the federal government allows the use of HSA funds and money do not spend on health can continue to grow tax-free to operate as a retirement account.

A second important difference between an HSA and a savings account is that you can get a tax deduction for your savings. You can deposit up to $ 3,050 for individual plans or up to $ 6,150 for family plans and take a tax deduction for the full amount even without itemizing deductions. No matter if you use the funds for qualified health care or create a retirement fund with it. The tax deduction is still available.

An HSA is also different from a savings account in the way that you can invest the balance. With an HSA, you can buy bonds, mutual funds or stocks, if you prefer. Of course, you can keep your HSA on a regular basis with all interest savings.

Who should start an HSA?

Insurance Trade Association U.S. health plans found that more than 11.4 million Americans are covered by HSA plans eligible for health insurance. This represents an overall increase of 14 percent this year. The association also revealed that in the individual market, 2.4 million people have an HSA plan.

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