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A health savings account (HSA) is a tax-advantaged medical savings account that allows account holders to save money on healthcare costs for themselves and their families. HSA funds roll over from year to year with no use-it-or-lose-it limits and can be invested like a 401(k) to cover future medical expenses.
HSA Tax Advantages:
Pay for Your Family
You can use your HSA funds to pay for your spouse or tax dependents’ qualified medical expenses tax-free, even if they’re on different health plans or ineligible to contribute to HSAs. Qualified medical expenses include doctor’s visits, prescriptions, dental bills, and more.
Take Funds With You
Because HSAs are individually-owned, they stay with you when you change jobs or retire. And even if you become ineligible to contribute to your HSA, you can continue to pay for qualified medical expenses tax-free from the funds currently in your account.
When you contribute to your HSA via pre-tax payroll withholding through your employer’s Section 125 plan, you don’t pay FICA taxes on those contributions. That means an extra 7.65% from each contribution comes back to you.
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