savings accounts health (HSA) are generally known as medical spending accounts paired with a high deductible health plan. But before using any HSA money on glasses and prescription co-pays, here's a thought. HSA can also help in saving for retirement.
Last week, the LA Times featured a story about how to maximize HSA. In the article, Zane Benefits President Rick Lindquist explains how and why HSAs are a powerful retirement savings vehicle.
Article Highlights - How to maximize your HSA
The following summarizes how to effectively use an HSA for medical and saving retirement [
-
HSA allow you to put money aside tax-free to spend on a wide range of medical expenses, including medical visits, prescriptions, eyeglasses, hospital and dental care, etc. This year, you can put aside $ 3350 for an individual policy and $ 6,650 for families. To open an HSA you must be enrolled in a high deductible health plan (see HSA guidelines for that year).
-
HSA offer favorable tax conditions because the money you deposit goes in tax free, accumulates tax free and can be removed as money is spent on the costs of qualified health care tax free.
-
Unlike flexible spending accounts if you do not use all the money you have deposited into an HSA in a given year, it carries next year.
-
As explained Lindquist, " I like to call an IRA on steroids ... Every employee should max their HSA before 401 (k). " Why? Costs of retired health care is expensive. The current average lifetime cost of care for a 65-year-old healthy couple covered by Medicare will be $ 395,000.
-
to make the most of your HSA, invest to earn, save your HSA money if you can, and save your receipts for retirement.
Read lA Times here.
Learn more about HSA
-
5 tips to maximize your HSA
-
health savings accounts (HSA) - 10 FAQ
-
health savings account - HSA 2015 Rules and requirements
do you have any questions about HSA? Leave a question below. We'll help you answer.
0 Komentar