What Is a Health Savings Account (HSA)? A Powerful Savings Tool
A Health Savings Account (HSA) is one of the most powerful savings and investment vehicles available, offering a unique triple tax benefit.
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The Triple Tax Advantage
1. Contributions are tax-deductible: You can deduct your contributions from your taxable income.
2. The money grows tax-free: Any investment gains within the HSA are not taxed.
3. Withdrawals for qualified medical expenses are tax-free: You pay no tax when you use the money for medical costs.
How it Works as a Retirement Account
After age 65, you can withdraw money from your HSA for any reason, not just medical expenses. You'll pay income tax on the withdrawals, just like a traditional 401(k) or IRA, making it an excellent supplemental retirement account.
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