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Health Savings Accounts (HSA) – free money?

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Many of our clients now have an option to choose a high-deductible health insurance plan paired with an HSA. To participate or not to participate?

Generally, the answer is yes.

HSAs have some critical differences from the flex spending accounts (FSAs) that have been around for awhile.

1) FSAs are “use it or lose it”. You have an indefinite amount of time to use money in an HSA. You can even bequeath an HSA to your kids.

2) The money in an HSA can be invested. It can be invested in a savings account, Vanguard mutual funds or even a TD Ameritrade brokerage account via HSA Bank.

3) Not only is the money contributed to an HSA tax-deductible but you don’t have to pay tax when you take it out. All earnings are also tax-free.  With retirement savings, you either get a tax-deduction upfront OR get tax-free earnings (Roth). An HSA gives you the best of all possible worlds.

http://www.irs.gov/publications/p502/ar02.html

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