HSA Triple-Tax Advantage
Are you getting the most out of your HSA?
An HSA, or health savings account, is a smart, tax-free way to pay for out-of-pocket healthcare expenses. It's a bank account that can be used to pay for expenses in certain health plans, such as high-deductible plans.
An amazing benefit of using an HSA is its triple-tax savings:
- Any funds contributed to your HSA are tax free.
- Any interest earned from your HSA is tax free.
- Any funds used for qualified medical expenses are tax free.
Think about it: either you or your employer — or both of you — can contribute to your HSA with pre-tax dollars. The money in the account is yours to keep even if you leave the company, including both the pre-tax contributions and the additional tax-free interest you’ve accrued.
Not only can you take this HSA with you to another job, but you can take it into retirement. As long as you use the money — including all those tax savings — for eligible medical expenses, it's still not taxed when you use it.
That’s triple-tax savings, all thanks to your HSA.
Questions?
Contact your benefits manager with questions
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