Health Savings Accounts-Are they really that beneficial?

407 Comments / By / June 14, 2019

What are Health Savings Accounts (HSA) and how can they benefit you and your tax situation in
the future?

You may have heard of a 401(k) plan and other individual savings and retirement accounts. HSAs are similar in tax benefits but not as well-known. An HSA is a tax-advantaged medical savings account.

You Qualify For An HAS If…

  1. You are enrolled in a high deductible health plan.
  2. You do not qualify for any health coverage exemptions.
  3. You are not enrolled in Medicare.
  4. You are not claimed as a dependent on another person’s current-year tax return.

Tax Benefits

There are three main tax benefits for contributing to an HSA:

  1. Similar to an IRA, the contributions you make to the account are tax deductible. Employer contributions are not deductible, but in certain cases they may be excluded from your gross
    income.
  2. Any interest earned on an HSA account is tax-free.
  3. Money that you withdrawal is tax and penalty free if you use the money to pay for qualified medical expenses as explained below.

Other Advantages of HSAs

  1. There’s no “use-it-or-lose-it” limitations. The money remains in your account until you’re
    ready to use it.
  2. The money stays with you and you’re not required to pull it out or roll it over to different
    account if you change employers.

Qualified Expenses

Not every medical expense qualifies, particularly expenses for over-the-counter medicines not prescribed by a doctor and expenses for items such as cosmetics, deodorants, baby items, etc. Qualified medical expenses include most services provided by licensed healthcare providers, as well as most prescriptions, lab fees, medical devices/equipment (i.e. crutches, wheelchairs, canes, etc.) and medical tests/treatments. To see if your medical expense qualifies, check IRS
Publication 502.

To find out more on how an HSA can benefit you and your financial future in relation to taxes,
give us a call or contact us here to find out more!

407 thoughts on “Health Savings Accounts-Are they really that beneficial?”

  4. medicare center

    Excellernt post. I was checking continuously this blog and I am impressed!

    Extremely useful information. I care for such information a
    lot. I was looking for this certain information for a very long time.Thank you and good luck.

  13. substance abuse treatment

    Very nice post. I just stumbled upon your blog annd wanted to say that I’ve
    truly enjoyed surfing around yur blog posts. In any case
    I will be subscribing to our feed and I hope you write again very soon!

  17. best home warranty

    I got this site from my pal who shared with me concerning this website
    andd now this time I am browsing his werbsite and reading
    very informative articles oor reviews at this place.

  19. garbage disposal repair

    I think this iis one of the most important information for
    me. And i am glad reading your article. But wanna remark on few
    general things, The webb site style is perfect, the articles iss
    really great!

  22. purple hearts car donation

    Howdy! I could hae sworn I’ve bedn to this blog before but after browsing
    through some of the post I realized it’s new to me.
    Nonetheless, I’m definitely delighted I found it and I’ll be bookmarking and checking back frequently!

  25. Terese

    Hey there just wanted to give you a quick heads up.
    The words in your article seem to be running off the screen in Internet explorer.
    I’m not sure if this is a format issue or something to
    do with browser compatibility but I thought I’d post to let you know.

    The layout look great though! Hope you get the problem fixed soon. Cheers

  26. Nannie

    Sweet blog! I found it while searching on Yahoo News.
    Do you have any suggestions on how to get listed in Yahoo News?
    I’ve been trying for a while but I never seem to get there!

    Thank you

  27. Jeannette

    My brother recommended I might like this website. He was totally right.
    This post truly made my day. You can not imagine simply how much
    time I had spent for this info! Thanks!

  28. zortilonrel

    I have been surfing on-line more than three hours today, but I never found any attention-grabbing article like yours. It is pretty price enough for me. Personally, if all website owners and bloggers made good content material as you probably did, the internet shall be a lot more helpful than ever before. “Where facts are few, experts are many.” by Donald R. Gannon.

  29. Karolyn

    Hi there I am so glad I found your blog page, I really found you by error, while I was looking on Digg for
    something else, Nonetheless I am here now and would
    just like to say thanks for a tremendous post and a all round thrilling blog (I
    also love the theme/design), I don’t have time to look over it
    all at the moment but I have bookmarked it and also added in your RSS feeds, so when I have time I will be back to read a lot more, Please do keep up the
    great work.

  31. web hosting with

    you are in point of fact a good webmaster. The website loading speed is incredible.
    It kind of feels that you are doing any unique trick.
    In addition, The contents are masterwork. you have performed
    a great activity in this matter!

  33. http://t.co/RcVeItAANQ

    Aw, this was an exceptionally good post. Finding the time and actual effort to create a great article… but what can I say… I procrastinate a
    lot and don’t manage to get nearly anything done.

  34. t.co

    I’m not that much of a internet reader to be honest but your blogs really nice, keep it
    up! I’ll go ahead and bookmark your site to come back
    down the road. Cheers

  37. asmr their

    Just want to say your article is as astonishing. The clarity on your put up is simply cool and that i could assume you’re a professional on this subject.
    Fine with your permission let me to seize your RSS feed to
    keep updated with coming near near post. Thank you 1,000,000 and please keep up the rewarding work.

  39. where asmr

    Howdy! I could have sworn I’ve been to this blog before but after going through some of the articles I realized
    it’s new to me. Nonetheless, I’m definitely pleased I came across it and I’ll be bookmarking it and checking back regularly!

  43. http://j.mp/

    Greate article. Keep posting such kind of info on your page.
    Im really impressed by your site.
    Hello there, You have performed a great job. I will certainly digg it and
    in my view recommend to my friends. I’m sure they will be benefited from this site.
    scoliosis surgery https://0401mm.tumblr.com/ scoliosis surgery

  45. http://bit.ly/

    What i don’t understood is in fact how you are no longer actually a
    lot more well-favored than you might be right now. You’re so intelligent.

    You recognize therefore significantly relating to this subject,
    made me personally imagine it from so many various angles.
    Its like men and women don’t seem to be involved until it’s something to do with Woman gaga!
    Your personal stuffs great. At all times deal with it up!

    cheap flights http://1704milesapart.tumblr.com/ cheap flights

  46. bitly.com

    Magnificent beat ! I would like to apprentice while you amend your web site, how could
    i subscribe for a blog website? The account aided me a acceptable
    deal. I had been a little bit acquainted of this your broadcast provided bright clear
    concept ps4 https://bit.ly/3nkdKIi ps4 games

  47. coub.com

    Hi! I know this is kinda off topic but I’d figured I’d
    ask. Would you be interested in exchanging links or maybe guest writing a
    blog post or vice-versa? My website goes over a lot of the same subjects as yours and I feel
    we could greatly benefit from each other.
    If you’re interested feel free to send me an e-mail. I look forward to
    hearing from you! Excellent blog by the way!

    scoliosis surgery https://coub.com/stories/962966-scoliosis-surgery scoliosis surgery

  70. Rozanne Lemish

    Excellent blog! Do you have any hints for aspiring writers? I’m hoping to start my own blog soon but I’m a little lost on everything. Would you advise starting with a free platform like WordPress or go for a paid option? There are so many choices out there that I’m totally overwhelmed .. Any recommendations? Bless you!|

  72. Antoinette Labre

    I do not even know how I ended up here, but I thought this post was great. I do not know who you are but definitely you are going to a famous blogger if you are not already 😉 Cheers!|

  73. for ps4 games

    whoah this blog is wonderful i like studying your articles.
    Stay up the good work! You understand, lots of persons are hunting around for this information, you can aid them greatly.

  77. Hoyt Pleasant

    It’s genuinely very difficult in this full of activity life to listen news on Television, therefore I only use internet for that reason, and get the newest news.|

  151. Earl Heinzelman

    Nice post. I was checking constantly this blog and I’m inspired! Very useful info specifically the remaining phase 🙂 I take care of such information a lot. I was seeking this certain info for a very long time. Thanks and best of luck. |

  155. Annelle Klenovich

    Hello I am so grateful I found your web site, I really found you by error, while I was researching on Askjeeve for something else, Anyways I am here now and would just like to say kudos for a remarkable post and a all round interesting blog (I also love the theme/design), I don’t have time to browse it all at the moment but I have saved it and also added your RSS feeds, so when I have time I will be back to read much more, Please do keep up the excellent work.|

  157. Shirlene Ziglar

    I’d like to thank you for the efforts you’ve put in writing this site. I really hope to see the same high-grade blog posts by you in the future as well. In fact, your creative writing abilities has encouraged me to get my own, personal website now ;)|

  162. Cherelle Bramlette

    Hey would you mind letting me know which web host you’re working with? I’ve loaded your blog in 3 completely different browsers and I must say this blog loads a lot faster then most. Can you suggest a good hosting provider at a reasonable price? Many thanks, I appreciate it!|

  167. Deshawn Keyton

    I blog quite often and I seriously thank you for your information. This article has truly peaked my interest. I am going to bookmark your website and keep checking for new details about once per week. I opted in for your Feed as well.|

  171. Jeramy Junick

    You actually make it seem so easy with your presentation but I find this topic to be actually something that I think I would never understand. It seems too complicated and very broad for me. I am looking forward for your next post, I’ll try to get the hang of it!|

  177. Blake Wubbena

    Nice blog! Is your theme custom made or did you download it from somewhere? A design like yours with a few simple tweeks would really make my blog stand out. Please let me know where you got your theme. Thank you|

  182. Gussie Muffley

    It’s appropriate time to make some plans for the long run and it’s time to be happy. I have read this submit and if I may just I want to suggest you few interesting things or suggestions. Perhaps you can write next articles relating to this article. I wish to read even more issues approximately it!|

  191. Alexander Duerksen

    Hi there! I know this is sort of off-topic but I needed to ask. Does operating a well-established website such as yours take a massive amount work? I’m brand new to blogging however I do write in my diary on a daily basis. I’d like to start a blog so I can share my experience and thoughts online. Please let me know if you have any kind of suggestions or tips for new aspiring blog owners. Thankyou!|

  210. http://bitly.com/

    Hello, i feel that i noticed you visited my site so i
    got here to return the favor?.I’m trying to find issues to improve my site!I
    guess its ok to use some of your concepts!!

  288. inulin powder

    I really like your blog.. very nice colors & theme. Did you design this website yourself or did you hire someone to do it for you? Plz respond as I’m looking to design my own blog and would like to know where u got this from. thank you

  324. zomeno feridov

    Hmm it looks like your blog ate my first comment (it was super long) so I guess I’ll just sum it up what I submitted and say, I’m thoroughly enjoying your blog. I too am an aspiring blog writer but I’m still new to the whole thing. Do you have any recommendations for rookie blog writers? I’d definitely appreciate it.

  327. http://tinyurl.com/

    I am really impressed with your writing skills and also with
    the layout on your weblog. Is this a paid
    theme or did you modify it yourself? Either way keep up the excellent quality writing, it’s rare to see a nice blog like this one
    these days.

  328. http://tinyurl.com

    Hey are using WordPress for your site platform? I’m new to the blog world but I’m trying to get started and create
    my own. Do you need any coding knowledge to make your own blog?
    Any help would be greatly appreciated!

  329. cheap flights

    My brother recommended I may like this website. He was once totally right.
    This put up truly made my day. You cann’t consider simply how a
    lot time I had spent for this info! Thanks!

  331. extremely cheap flight tickets

    Hey would you mind letting me know which web host you’re using?
    I’ve loaded your blog in 3 completely different internet browsers and I must say this blog loads a lot faster then most.
    Can you recommend a good internet hosting provider at a honest price?

    Thank you, I appreciate it!

  332. cheap flights

    Hi there! Quick question that’s entirely off topic.
    Do you know how to make your site mobile friendly? My site looks weird when browsing from my apple iphone.
    I’m trying to find a theme or plugin that might be able to
    correct this problem. If you have any suggestions, please share.
    Appreciate it!

  335. discount airline tickets

    I simply couldn’t go away your website before suggesting that I
    extremely loved the standard information a person provide in your visitors?
    Is going to be again frequently to check up on new posts

  336. how to book cheap flights

    I think everything composed made a bunch of sense. But, consider this, what if you were to write
    a awesome title? I ain’t saying your content is not solid., however what
    if you added a headline that makes people desire more?

    I mean Health Savings Accounts-Are they really that beneficial?
    – Private Tax Solutions is a little vanilla. You ought to peek at Yahoo’s front page and note how they create news
    titles to get viewers interested. You might try adding a video or a pic or two to
    get readers excited about everything’ve got to say. In my opinion, it might
    bring your posts a little bit more interesting.

  337. fly ticket

    For most recent information you have to go to see web and on the web I found this site
    as a most excellent web page for latest updates.

  339. gamefly

    hello!,I love your writing very a lot! share we be in contact extra approximately your article on AOL?
    I require a specialist in this area to solve my problem.

    May be that’s you! Having a look forward to look you.

  342. Automotive News

    I just could not leave your website prior to suggesting that I really enjoyed the standard info a person supply for your guests? Is going to be again incessantly to investigate cross-check new posts

  349. tinyurl.com

    Hey! This is my first comment here so I just wanted to give a
    quick shout out and tell you I really enjoy reading your blog posts.
    Can you suggest any other blogs/websites/forums that deal with the same topics?
    Many thanks!

  351. tinyurl.com

    Hello would you mind sharing which blog platform you’re working with?
    I’m looking to start my own blog soon but I’m having a
    tough time deciding between BlogEngine/Wordpress/B2evolution and Drupal.
    The reason I ask is because your layout seems different then most blogs and I’m looking for something completely unique.
    P.S Apologies for getting off-topic but I had to ask!

  352. http://bit.ly

    Hey! I know this is kind of off topic but I was wondering if you knew where I
    could get a captcha plugin for my comment form? I’m using the same
    blog platform as yours and I’m having problems finding one?

    Thanks a lot!

  353. http://tinyurl.com/

    Thanks for your personal marvelous posting!
    I actually enjoyed reading it, you can be a great author.
    I will make certain to bookmark your blog and will eventually come back from now on. I want
    to encourage you to continue your great posts, have
    a nice morning!

  362. zorivare worilon

    Thank you for your whole work on this blog. Debby really loves doing investigations and it’s really obvious why. My partner and i learn all about the compelling mode you render efficient guidelines via this website and in addition inspire response from visitors on the content and my simple princess is without a doubt being taught a lot of things. Enjoy the remaining portion of the new year. You are always performing a pretty cool job.

  364. zorivareworilon

    Hi, Neat post. There is a problem with your website in internet explorer, would test this… IE still is the market leader and a big portion of people will miss your excellent writing due to this problem.

  375. bit.ly

    I have read a few good stuff here. Certainly worth bookmarking for revisiting.
    I surprise how much effort you place to make the sort
    of excellent informative site.

  383. tinyurl.com

    Hello, i read your blog from time to time and i own a similar one and i was just curious if you get
    a lot of spam feedback? If so how do you protect against it, any
    plugin or anything you can recommend? I get so much lately
    it’s driving me insane so any assistance is very much appreciated.

  385. www.evergale.org

    Excellent goods from you, man. I have understand your stuff previous to and
    you are just extremely fantastic. I really like
    what you’ve acquired here, really like what you are saying and the way in which you say it.
    You make it entertaining and you still take care of to keep
    it smart. I can’t wait to read much more from you.
    This is really a great website.

  389. tinyurl.com

    We absolutely love your blog and find nearly
    all of your post’s to be precisely what I’m looking for. can you offer guest writers to write content in your
    case? I wouldn’t mind writing a post or elaborating on some of the
    subjects you write related to here. Again, awesome web log!

  393. tinyurl.com

    When someone writes an article he/she keeps the idea
    of a user in his/her brain that how a user can be
    aware of it. Therefore that’s why this post is perfect.
    Thanks!

  395. https://romantik69.co.il

    I was very pleased to find this great site. I need to to thank you for ones time for this fantastic read!! I definitely loved every bit of it and i also have you book-marked to look at new stuff on your website.

  398. best cryptocurrency to invest 2021

    Excellent goods from you, man. I’ve understand your stuff previous to and you’re just too great. I actually like what you have acquired here, certainly like what you’re saying and the way in which you say it. You make it entertaining and you still take care of to keep it wise. I can’t wait to read much more from you. This is actually a terrific website.

  401. cross cultural coaching

    When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get four emails with the same comment. Is there any way you can remove me from that service? Cheers!

Leave a Comment

Your email address will not be published. Required fields are marked *