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Health Savings Account (HSA)

Health Savings Accounts are a tax-exempt account exclusively for paying for or reimbursement of qualifying medical expenses

Requirements:

Minimum to open an account $100
Must be covered under a High-Deductible Health Plan (HDHP)
The account owner can not be covered by any other health plan that is not a HDHP
The account owner can not be enrolled in Medicare
The account owner can not be claimed as a dependent on another persons tax return

Benefits:

Unlimited withdrawals for qualified medical expense
Can carry over amounts to the next year
Contributions are fully deductible
Earnings grow tax deferred
Distributions for qualified medical expenses are tax free

Cost:

None

Consult with your tax or legal professional for guidance

 

Additional Information

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