Forbes has published an article, “The Power of Health Savings Accounts for Retirement Planning”, which illustrates how to take full advantage of HSAs. The article begins as follows:
The number of health savings accounts (HSAs) is soaring, but most account holders fail to take full advantage of the retirement planning power of HSAs.
There were more than 30 million HSAs holding about $82.2 billion at the end of 2020, according to an estimate from Devenir, a firm that offers investment services to health-based accounts.
You’re eligible to have contributions made to an HSA when your medical insurance is a high-deductible plan that is HSA-eligible. Not all high-deductible plans are HSA-eligible. Check with your insurer or employer to be sure yours qualifies.
Click here to see the full article: “The Power of Health Savings Accounts for Retirement Planning”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.