Given the rising costs of healthcare, are Health Savings Accounts (HSAs) a solution you should be considering? HSAs allow you to set money aside on a pre-tax basis to pay for deductibles, copayments, coinsurance, and other qualified expenses, which can significantly lower your overall healthcare costs. This may be a particularly important long-term strategy to have in place for your retirement.
HSAs offer a deferred and potentially tax-free way to save and invest for future health expenses, covering out-of-pocket costs and helping to fill the Medicare gap. If you are eligible to establish an HSA under your employer’s health plan, we will discuss with you the tax benefits and growth opportunities, and whether it makes sense for you to maximize this strategy. If you own a small business, we will work with you to determine if offering an HSA plan is the right strategy for your company and your employees.
As a vehicle for paying medical expenses, HSAs are a useful tool. However, they aren’t best for everyone, so it is important that you discuss your options with a knowledgeable advisor. To find out if HSAs fit into your broader financial strategy, get in contact with one of our advisors via phone or email.
We’re here to help you achieve your goals.
We’ll keep you up-to-date on everything that’s happening in the world of finance. Sign up today.