Beth Braverman: How To Make The Most Out Of Your HSA

1. You must be in a high-deductible health plan to qualify - Only consumers who have signed up for a high-deductible health plan can open an HSA
2. There are annual limits - In order to incentivize employees to open HSAs, more companies are contributing funds on their behalf of their workers
3. The tax benefits of HSAs is threefold - Money goes into the accounts pre-tax, it grows tax-free, and is withdrawn tax-free if used for qualified medical expenses
4. You’ll never lose your HSA money - Money that you don’t spend this year remains in your account (unlike use-it-or-lose-it FSAs) and you retain ownership of the account if you leave your employer
5. They can help with retirement - Since you get to keep your money and it grows tax free, HSAs are a great savings vehicle for individuals who are already maxing out their retirement savings accounts

Source: Forbes
Source URL: http://www.forbes.com/sites/bethbraverman/2015/11/09/how-to-...

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