4 Ways to Get Great Benefits with Your Health Savings Account (HSA) Contributions
“Mission Im-PAUSE-ible!” Hold up Ethan, are you saving for your retirement or are you still chasing international criminals? Man, quit killing time and just hit them up on Twitter; we need to see this Fallout go down online. That way you won’t have to risk your life OR your retirement fund. In fact, if you redirect your Hunt, you’ll find that you can contribute to a Health Savings Account (HSA) to pay for health care expenses when you reach retirement. This mission, should you choose to accept it, starts now!
We, at Achieve Financial Group, will meet you at the IMF headquarters to give you intel on the benefits you get when you use an HSA. But, before you go all Rogue Nation, you’ll have to follow Ghost Protocol and participate in a high-deductible health plan (HDHP) to be eligible to contribute to a Health Savings Account (HSA).
- Reduce taxes now and build up savings to pay for healthcare now or later
- You have until the tax filing deadline to contribute to your HSA if you didn’t already max out your contributions for the current tax year
- HSA contributions reduce your taxable income. Contributions help to lower your adjusted gross income, therefore lowering the amount of income taxes that you pay
- Health savings accounts do not have a “Use It or Lose It.” You can choose to leave HSA funds in your account as long as possible and grow tax deferred.
Mission Accomplished! You have your assignment, so you can put your retirement plan in Cruise control. Your code name is now HSA and it’s the only type of account that offers both pre-tax AND tax-free benefits. Now, as your field agents, we must inform you that this message will self destruct in 5 seconds.