Straight Talk Tuesday
Financial Wellness Series Straight Talk Tuesday
Welcome to the Straight Talk Tuesday Financial Wellness Series! Check back each month for a new topic to help you take control of your financial future.
Power of the HSA
What is an Health Savings Account (HSA): An account that is typically connected to a qualifying high-deductible health insurance plan which allow for pre-tax contributions and tax free distributions if used for medical purposes.
2021 Contribution Limits:
$3,600 for individuals and $7,200 for families. Individuals 55 years or older can also contribute an additional $1,000.
Triple Tax-Free Benefit:
Contributions to an HSA are pre-tax or tax-deductible. If invested, the money grows tax-deferred, and then is tax free when utilized for qualifying medical expenses.
Utilization in Retirement:
HSA dollars can be used to cover medical expenses including Medicare premiums. If not needed for medical purposes, HSA dollars can be withdrawn at age 65 with no penalty and are taxed as ordinary income.
Check out more wellness videos below!
Have more questions?
Complete the below form with your contact information and question and a member of our team will be in contact shortly.
