A Health Savings Account (HSA) is a tax-advantaged account created for or by individuals covered under high-deductible health plans (HDHPs) to save for qualified medical expenses. Contributions are made into the account by the individual or their employer and are limited to a maximum amount ea...
The money in your HSA also grows tax-free. It usually earns a small amount of interest, as it’s in (as evidenced by its name) a savings account. But you can invest the funds in your HSA. And you won’t have to pay taxes on the gains as long as that money remains in your HSA...
Some HSA plans even allow you toinvest HSA fundsin stocks, bonds or mutual funds, similar to a retirement account. This feature allows account holders to potentially grow their savings over time, further enhancing the account’s value. However, it is crucial to consider your risk tolerance and...
Limited Purpose Flexible Savings Account (LPFSA) vs. Health Savings Account (HSA) Just like an LPFSA, an HSA has the advantage of letting you contribute pretax dollars, so it’s a good way to make yourout-of-pocket medical expensesmore affordable. However, HSAs are broader—they cover a...
If you have an employer-sponsored plan, your HSA dollars are yours to keep when you leave your company. And any balance can roll over from one plan year to the next. This is different from a flexible spending account, which is a "use it or lose it" proposition. Contributions to an HS...
Use your HSA like an IRA in retirement. Here's how to put each of these strategies into action. Open a Health Savings Investment Account Health savings accounts can be opened at many banks and credit unions, but these institutions may offer little to no interest. For instance, Bank of Amer...
My employer does not offer benefits or a sponsored HSA. I opened up an HSA this year, but am unsure if I can still contribute to this tax-free (via payroll deduction) if the plan is not “employer sponsored.” I know that I can contribute from my checking/savings account, but I feel...
an HSA account offers arguably the best tax advantages of any type of account in your portfolio. But there’s a secret trick that can maximize the value of an HSA for your finance as you get older. Keep reading to learn more about how an HSA works and how to get the best results fro...
When logging in to your account for the first time you can either log in to the MyHealth app1or member website. Choose the one below that suits your needs. Note: If you enrolled in the Health Savings Account (HSA) on your own, not through your employer’s benefit program, just log ...
Keep in mind: your HSA doesn’t have a “use it or lose it” rule, so you don’t have to spend the balance in your account by the end of the year, and the money in your account is yours for life — even if you change jobs, change health plans or retire. ...