Contributing to an HSA
Increasing healthcare costs is one of the top concerns among Americans today. One option to consider to help pay for these costs is through a Health Savings Account (HSA). HSAs offer three different tax advantages:
1. Contributions are tax deductible
2. Earnings are tax-deferred while in the HSA, and
3. Distributions are tax-free when they are used for qualified medical expenses.
If you’re enrolled in a high-deductible health insurance plan, you may want to consider contributing to an HSA. However, like other retirement savings vehicles, HSAs come with their own set of rules you must follow to enjoy the tax benefits.
To find more about how to plan for healthcare costs and to discuss whether an HSA is right for you, contact our office at 516-294-5287 to schedule a time to visit.