HAVE YOU EVER CONSIDERED A HEALTH SAVINGS ACCOUNT?

Have you ever considered investing in a Health Savings Account?

A Health Savings Account (HSA) is a type of account that allows an individual to set aside money on a pre-tax basis to pay for qualified medical expenses.   Individuals who have a qualified high deductible health plan are eligible to make contributions to an HSA up to an annual maximum each year.   Those current maximums for 2023 are $3,850 if they have an individual only coverage option, and $7,750 if they have a family coverage option.

Key Features of an HSA

• Contributions made by an individual are tax deductible for that tax year.   
• The growth incurred in the account is considered tax free.  HSA dollars can be invested in a wide array of options to include but not limited to stocks, bonds, and mutual funds.
• Tax free withdrawals if used for qualified medical expenses.
• Ability to name beneficiaries.
• At the age of 65 the balance can be used to pay for Medicare (Part B and Part D) premiums, Medicare advantage plan copays, and long-term care insurance premiums.

Connect with an FSB Premier Financial Advisor to learn more!