Health Savings Accounts (HSAs) are powerful savings vehicles.
HSAs are triple tax free:
- Contributions are tax-deductible
- The account grows tax free
- Withdrawals are tax free if used for medical expenses
One of the best uses of an HSA is to save up for the enormous medical expenses we will experience in retirement.
To be eligible, you have to have a high-deductible health insurance plan, which many, if not most, of us have.
This is a powerful addition to your retirement savings. If your health plan is HSA eligible, open one. I use Further at www.hellofurther.com. Low fees, more than enough investment choices.