Triple Tax Savings
- The money contributed to an HSA goes in tax free. Employees and employers may get additional tax savings on employee HSA contributions when contributed through a Section 125 Cafeteria Plan.
- The money in an HSA account grows tax free.
- No matter what your age, distributions used to pay for qualified medical expenses come out of an HSA tax free.
The money in your HSA belongs to you. If you change jobs your HSA account stays with you. When you become ineligible to contribute to your HSA you can continue to use the money in your account to pay for your own qualified medical expenses and the qualified medical expenses of your spouse and any eligible dependents tax free.
As retire medical expenses continue to grow an HSA is a great resource that allows you the ability to put money away with triple tax savings that can be use now or later in life. When you retire you can use the money in your HSA to pay your Medicare premiums and many other retire health insurance premiums (excluding Medigap premiums).
For a list of qualified expenses Click Here.