Health Savings Account
If you’re looking for more control over what you pay for health care and the services that you actually use, a health savings account (HSA) could be right for you. HSAs are used with high-deductible health plans to provide a tax-advantaged way to save for qualified medical expenses.
Benefits of an HSA:
- Contributions go from your paycheck to your HSA before they’re taxed
- Grows tax-deferred
- Never taxed when used for qualified medical expenses
- No “use it or lose it” penalty
- Portable, goes with you wherever you go
Consult your tax advisor regarding deductibility of interest and potential tax savings.