What are the Tax Benefits of a HSA?
Paying for many of your medical expenses with pre-tax dollars
is a popular benefit of Health Savings Accounts. And saving money
on your taxes means lowering the cost of high deductible health
plan that must be used in conjunction with your HSA.
Even though your deductible is higher with an HSA than other
plans, your tax savings make it pay for itself. You’ll
be creating savings and advantage out of an expense that is usually
a burden!
5 Great Benefits of Having an HSA Account
- You can deduct the contributions you make to your HSA
without having to itemize your tax return.
- The contributions
your employer makes to the HSA won’t
be included in your taxable income.
- Your HSA Account balance
will accumulate tax-free.
- Distributions or withdrawals from
your HSA Account will be tax-free if the cash is used to pay
for qualified medical
expenses.
- Your HSA won’t be tied to any one employer,
you’ll
be free to take it with you when you change jobs or retire.
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