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Health Savings Accounts
A health savings account, or HSA, is a tax-advantaged savings account used to pay for out-of-pocket medical expenses. Tax-advantaged means:
Contributions to your HSA account are either tax-deductible (similar to deductible IRA contributions) or made pre-tax if the HSA is offered through an employer’s cafeteria plan (similar to 401(k) contributions).
Earnings in the account are not taxed.
Distributions from the account that are used to pay for qualified medical expenses are tax-free.
HSAs can benefit some people, but they’re not for everyone. To find out more about HSAs, their eligibility requirements and who can benefit from participation in a Health Spending account, click here to read this article on our Facebook page.
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