Health Savings Accounts
By Hightower St. Louis on April 18, 2023
Imagine having to decide to see the doctor or be stressed from the potential medical burden of seeing the doctor. How about using a tool that could help cover some of those medical costs?
Enter a Health Savings Account (HSA). If you are on a high deductible healthcare plan, you will have access to this account. You can save money pre-tax to fund medical expenses. Another great feature of the HSA – you can invest the money and let is grow tax-free. It’s a triple tax-free account.
How do I use my HSA? My family puts the maximum amount we can into our HSA. All of our funds are invested for long-term growth to use for medical expenses in retirement. All medical expenses during the year, we try to pay with our current cash flow. The best part though is if we run into any large, unexpected medical expenses – the HSA is there ready to pay.
You can’t put a price on our health, but we know healthcare can be expensive. A Heath Savings Plan can help protect now but take advantage of the wonderful tax benefits that come from investing your contributions.
Have questions? Reach out, happy to talk.
Zach Ungerott, CPWA®, CFP®
Senior Wealth Advisor
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