Religion & Spirituality:Christianity
Many are familiar with the tax-saving benefits of owning and contributing to an HSA. Today we will look at a feature that allows it to work as an additional source for future income.
In This Episode, We Look At:
Contributions are tax-deductible.
Funds in the account have the opportunity for growth through choosing mutual funds.
Potential tax-free income. Under current laws, you can submit a receipt and invoice for a medical expense that you paid in the past, and be reimbursed from HAS funds tax-free. This means you can save up your receipts and bills for many years, then submit them, progressively during your retirement years (or earlier) to supplement your retirement income with these tax-free reimbursements!
Qualifications: You must have a high deductible health insurance plan and not be covered by a second health plan.
Contribution limits are: $3,500 for individuals, and $7,000 for families (2019 limits).
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