Why Should we care?
An HSA is like a superhero savings account, but for your health. It’s a special account where you can stash away money to cover medical expenses, and the best part? You get to do it with a few extra perks with great tax benefit!
- Pre-tax contribution
- Tax free growth
- Tax free on withdraw for qualified medical expenses
- After age 65, the funds can be used for non-medical expenses without paying a penalty
What to do next?
Because of HSA’s Tax Superpowers, more and more people use HSA as an investment vehicle to help them achieve their financial goals in a long run.
- Figure out if you are eligible to open an HSA
- If you are eligible, then pick an HSA provider
- Do not forget to invest your HSA
Disclaimer: I am not a financial advisor nor a lawyer. This is for entertainment purpose only. Please do your own research before making any financial planning and investment decisions.