Is an HSA Right for Me?

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Is an HSA Right for Me?

Posted By Daniel Stewart     Apr 25    

Body

If you’ve encountered any type of medical costs in recent years, you already know that prices have gone up on almost everything. From doctor visits to medications, it can be easy to find yourself facing some hefty costs in the healthcare sector these days, and even with health insurance, costs can still put a real dent in your wallet.

While there are ways to counterbalance excessive medical costs, including taking care of your health, you may find that investment opportunities through things like health savings accounts (HSAs) have a lot to offer.

Saving Tax-Free Dollars

If you haven’t heard of this type of investment, you may be wondering what is an HSA? Simply put, an HSA is a savings account that allows you to contribute funds without a tax penalty. These funds can then be spent on qualified healthcare expenses.

Many HSAs are provided as part of a benefits package through an employer. Work-sponsored HSAs may also include contributions from an employer, meaning you basically get free money each year to spend on your own healthcare needs. If you would like to know - what is an HSA? visit this website.

Where Can I Use HSA Funds?

One of the best parts about an HSA is that funds can be spent on a whole range of healthcare-related expenses, including on items and services not typically covered by private insurance. For example, while private insurance generally does not cover any type of over-the-counter medical products, you may be able to spend HSA funds on these items.

Likewise, your insurance plan may not offer coverage for dental care, but your dentist may still accept your HSA funds as if you were paying with cash. This means that your HSA funds can go further, and once again, these dollars were not taxed coming out of your pay, and you may have no tax on these funds when you spend your HSA money.

Private HSA Accounts

While you’re probably going to run into a lot of information about employer-sponsored benefits, if you look further into what is an HSA on the Internet, it’s important to know that you can seek out private HSAs as well. Many banks and investment firms offer HSA access, and some of these opportunities allow you to invest your HSA funds to grow them for even more tax-advantaged opportunities.

Read a similar blog about savings investments here at this page.

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