What are the benefits of having a Health Savings Account?
A Health Savings Account (HSA) offers tax advantages, helps save for medical expenses, and can roll over funds annually.
Can you explain the tax benefits in more detail?
Sure! Contributions to an HSA are tax-deductible, the funds grow tax-free, and withdrawals for qualified medical expenses are also tax-free.
Are there any limits on how much I can contribute?
Yes, for 2023, the contribution limit is $3,850 for individuals and $7,750 for families. Those over 55 can contribute an extra $1,000.
What happens to the money if I don't use it all?
Any unused funds roll over to the next year, allowing you to save for future medical expenses.
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