Why an HSA account may benefit you
04/04/2024 23:42
A Health Savings Account (HSA) may be a beneficial move for Americans to consider for future medical expenses. Business Insider's Senior Personal Finance Reporter and Spokesperson Jennifer Streaks joins Yahoo Finance's Wealth! to discuss the benefits of an HSA plan. Streaks explains that the HSA is offered through an employer, and individuals can sign up for it similar to a 401(k). She suggests thinking of the HSA as "a bank account for your health," noting that it is intended for medical expenses not covered by insurance plans. She recommends investing in an HSA "as soon as you can." The tax benefits include reducing taxable income, tax-free growth within the account, and tax-free withdrawals, providing "a triple tax benefit." For more expert insight and the latest market action, click here to watch this full episode of Wealth! Editor's note: This article was written by Angel Smith
A Health Savings Account (HSA) may be a beneficial move for Americans to consider for future medical expenses. Business Insider's Senior Personal Finance Reporter and Spokesperson Jennifer Streaks joins Yahoo Finance's Wealth! to discuss the benefits of an HSA plan.
Streaks explains that the HSA is offered through an employer, and individuals can sign up for it similar to a 401(k). She suggests thinking of the HSA as "a bank account for your health," noting that it is intended for medical expenses not covered by insurance plans.
She recommends investing in an HSA "as soon as you can." The tax benefits include reducing taxable income, tax-free growth within the account, and tax-free withdrawals, providing "a triple tax benefit."
For more expert insight and the latest market action, click here to watch this full episode of Wealth!
Editor's note: This article was written by Angel Smith