Check your medical insurance card. Are you in a High Deductible Health Plan (HDHP)?
If so, you’re eligible to contribute to a Heath Savings Account (HSA) – a great way to build a resource for present and future medical expenses.
HSA’s offer three tax advantaged benefits:
- you put away pre-tax dollars that you can invest and
- allow to grow tax-free with
- qualified medical expenses paid without being taxed.
The balances rollover from year to year and the qualified medical expenses are quite extensive.
What other accounts offer such an opportunity? When used properly it’s a unique “Tax-Free Trifecta.”
Contact us at Shore Point Advisors to learn how to benefit from this underutilized opportunity.
This material is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Shore Point Advisors and its employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.