
A health savings account (HSA) is a tax-advantaged account that lets you pay for your medical care or save and invest that money—income tax free. As a result, HSAs give you control over your health care decisions, mutual fund investment options, and valuable tax savings.
Many employers offer an HSA as part of their benefits package, but people don’t need to rely on an employer to open an HSA. Individual HSAs are a viable option for people in any station of life since they can help cover necessary health care spending and can grow for future savings. HSAs can be used to cover thousands of qualified medical items and services, and HSAs also earn interest that isn’t taxed at a federal level. The money invested in an individual HSA is also tax deductible, which means you get the taxes paid on that money back come tax season. (Pssst. Learn if you qualify for an Individual HSA here.)
While HSAs make it easy to manage your saving and spending, there are some old misconceptions hanging around. In this article, we take a look at fact vs. fiction to dispel myths surrounding HSAs and who could benefit from this type of health care benefit account!
This is just the tip of the HSA iceberg when it comes to fact vs. fiction, but to get it all straight, check out HSA Myth Busters: Get the Facts. This eBook is the resource you’ve been looking for to get all the details on exactly how an HSA works. It’s fresh, engaging, colorful—and designed to make reading about your health care benefits truly enjoyable…as long as you like reading non-fiction!