Things You Need to Know About A Health Savings Account (HSA)
A health savings account, also known as HSAs are taxed advantaged savings accounts for health expenses.
The three tax benefits of HSAs are:
You can contribute pre-tax dollars through an employer and if you open an account yourself, contributions are tax-deductible.
You don’t pay taxes on growth in your account that happens through investing.
And, you don’t pay taxes on withdrawals for eligible expenses.
What’s the catch? You can only use the money in HSAs penalty free for qualified health expenses for you, your spouse, or eligible dependents.
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Rianka R. Dorsainvil
Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
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