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Tax-advantaged health savings accounts

Tax-advantaged health savings accounts

A Health Savings Account (HSA) allows you to save for medical expenses and reduce your taxable income. Money goes into and comes out of an HSA tax-free as long as funds are used to pay for qualified medical expenses.

Must be enrolled in a High Deductible Health Plan (HDHP) to be eligible for an HSA. HDHPs have higher deductibles than traditional health plans.

You can contribute to an HSA until age 65. You do not have to be employed in order to contribute to an HSA. 

Max annual contribution for is $3,550 for self-coverage and $7,100 for family coverage.

Some Health Savings Accounts are provided through your employer. Others you can set up on your own.

HSAs can either remain in cash like a savings account or they can be invested into the financial markets for a potentially higher return.