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Health Savings Account

Tag: Health Savings Account

HSA: Health Account with a Powerful Wealth-building Benefit

HSA: Health Account with a Powerful Wealth-building Benefit

A health savings account (HSA) is a tax-advantaged account that can be paired with a high-deductible health plan.

Why Use an HSA?

An HSA has greater tax advantages, and therefore greater savings potential, than other types of savings accounts.

How Do I Use an HSA?

You can treat an HSA as a long-term investment account, an account for paying medical expenses, or both.

HSA as Wealth-builder

If you have access to an HSA, you can invest in it to significantly increase your potential wealth. That’s because contributions, earnings, and even withdrawals can be tax-exempt if certain requirements are met. For 2021, you can contribute up to $3,600 as an individual, or $7,200 per family; if you’re 55 or older, you can contribute an additional $1,000 per eligible participant.

To access HSA funds without tax or IRS penalty, it’s essential that you keep your receipts for qualified medical expenses (perhaps for years or decades). Contact us for some ideas for secure, virtual, long-term document storage if you need assistance.

For more information on how to best use an HSA to your advantage, download this information sheet. Contact us for more details, or to incorporate an HSA into your wealth management plan.

This article is designed for general information only. The information presented should not be construed to be formal advice nor the formation of a client relationship.

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Canon Capital Management Group
CPA, Payroll, Technologies, Wealth Management

484 Harleysville Pike
PO Box 228
Harleysville, PA 19438

215.723.4881 phone
215.723.1487 fax

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