HEALTH SAVINGS ACCOUNT: COMPLETE GUIDE TO THE TRIPLE TAX-ADVANTAGED ACCOUNT

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Getting sick is not fun. Worse, the expensive medical bills and damage to our liquid net worth. Fortunately, the IRS has several tax breaks for health care.

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What Is a Health Savings Account?

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A health savings account (HSA) is an account that can help individuals and families save money for qualified health care expenses on a pre-tax basis.

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To qualify for an account, you must be enrolled in a high deductible health plan (HDHP).

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What Qualifies as a High Deductible Health Plan?

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What Are Qualified Medical Expenses for Health Savings Accounts?

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HEALTH SAVINGS ACCOUNT: COMPLETE GUIDE TO THE TRIPLE TAX-ADVANTAGED ACCOUNT

Getting sick is not fun. Worse, the expensive medical bills and damage to our liquid net worth. Fortunately, the IRS has several tax breaks for health care.

What Is a Health Savings Account?

A health savings account (HSA) is an account that can help individuals and families save money for qualified health care expenses on a pre-tax basis.

To qualify for an account, you must be enrolled in a high deductible health plan (HDHP).

What Qualifies as a High Deductible Health Plan?

For 2022, the definition of a qualified individual HDHP must have an annual deductible of $1,400 or more, and annual out-of-pocket expenses must not exceed $6,900.

What Are Qualified Medical Expenses for Health Savings Accounts?

The Internal Revenue Service defines qualified medical expenses as the costs of cure, mitigation, diagnosis, treatment, or the prevention of disease affecting any part or function of the body.

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