What are the benefits of Health Savings Accounts?
An example of an AI chatbot conversation about the benefits of Health Savings Accounts.
What are the benefits of Health Savings Accounts?
Health Savings Accounts (HSAs) offer tax advantages, help save for medical expenses, and can roll over funds year to year.
How do HSAs compare to Flexible Spending Accounts?
HSAs have higher contribution limits and funds roll over, while FSAs typically have a use-it-or-lose-it policy.
Can anyone open an HSA?
Not everyone can open an HSA; you must be enrolled in a high-deductible health plan (HDHP) to qualify.
What are the tax benefits of HSAs?
Contributions to HSAs are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are also tax-free.
Are there any penalties for withdrawing funds for non-medical expenses?
Yes, if you withdraw funds for non-medical expenses before age 65, you'll face a 20% penalty plus income tax.
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