📣Check out the incredible advantages of having a Health Savings Account (HSA) and the tax benefits it offers! 💰💪
You must have a high deductible health insurance plan to make contributions
Contribution limits
Individual plan🧍🏽
2023 – $3,850
2024 – $4,150
(8% increase)
Family plan 👨👩👧👦
2023 – $7,750
2024 – $8,300
(7% increase)
Some benefits include…
(1)🔹Financial Flexibility: A Health Savings Account allows you to set aside pre-tax dollars for qualified medical expenses. It’s like having a personal healthcare savings account that grows over time, giving you the freedom to cover medical costs with ease.
(2)🔹Tax Savings Opportunity: An important feature of an HAS lies in its tax benefits. Contributions to your HAS are tax-deductible, reducing your taxable income. Plus, any interest or investment gains within the account grow tax-free!]
(3)🔹Savings Strategy: Health Savings Accounts are not a use-it-or-lose-it deal. Any unused funds roll over from year to year, and they remain yours even if you change jobs or retire. It’s a smart way to build a savings bucket for future medical expenses or supplement your retirement savings.
(4)🔹Triple Tax Advantage: Contributions are tax-deductible, earnings grow tax-free, and qualified withdrawals are tax-free as well.
(5)🔹Family Benefits: Tax free distributions for your family count for qualified medical expenses, even if your spouse or children are not covered by your high deductible health insurance plan.
💡Don’t miss out on the advantages of a Health Savings Account! Take charge of your healthcare expenses while enjoying significant tax benefits.
