The Secret To Building Wealth With A Health Savings Account
insurance kicks in. If you currently have health concerns and have high medical bills, an HSA might not be an ideal account for you.
You cannot be covered by another health plan, claimed as a dependent on someone else’s tax return, or enrolled in Medicare if you want to get access to an HSA. There are also annual contribution limits that you must be aware of when opening your account.
Do your research and talk to your team of advisors about all the pros and cons associated with an HSA account. If you’re seeking to build wealth in your HSA, here are some things you should know about to get started in the right direction.
1. Tax-Deductible Contributions
Do you want to pay less taxes this year? Contribute to your HSA. The money that you put into your HSA is tax-deductible and allows you to reduce the amount you pay in federal income taxes. You can keep more of your money and use it towards your wealth-building goals.
However, there are limits on how much money you can save in your HSA account every year. For 2020, you can