Health Savings Account to Help with Future Healthcare Costs

Increasing healthcare costs is one of the top concerns among Americans today. Using a Health Savings Account (HSA) to help with future healthcare costs is one option to consider.

HSAs Three Tax Advantages

1.  Contributions are tax-deductible.
2.  Earnings are tax-deferred while in the HSA, and
3.  Distributions are tax-free when you use them for qualified medical expenses.

If enrolled in a high-deductible health insurance plan, you may want to consider contributing to an HSA. However, like other retirement savings vehicles, HSAs come with rules you must follow to enjoy the tax benefits.

1. Determine if you are eligible to make an HSA contribution.
2. Don’t count yourself out too soon. Income is never too high to make contributions and you don’t have to be working.
3. Find out how much you can contribute.
4. HSA contributions can be invested in the same way as other retirement funds.
5. Get your contribution done by the deadline (tax filing deadline).

For more details on these 5 steps, click below to download “Contributing to a Health Savings Account in 5 Easy Steps.”

Financial Success Doesn’t Happen by Chance.

 To learn more about how to plan for healthcare costs and to discuss whether an HSA is right for you,

contact lead advisor Chris Robinson, ChFC, at our office, 940-464-4104, to schedule a time to discuss your current questions.

RFG Wealth Advisory in Argyle, Texas, is an independent, fee-only Registered Investment Advisor firm that always puts our client’s interests first. We have a transparent, simple fee structure that’s easy to understand. Call us today!