Triple Your Tax Breaks With This Health Savings Account
Money built up in this new vehicle can give retirees valuable financial flexibility.
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There may soon be three more letters in your employer’s alphabet soup of benefit plans. Those letters are HSA, which stands for health savings account, and they can bring tax advantages at a time when you could use them the most.
Financial planners get all googly-eyed when talking about these accounts, though not because they’re a way to save pretax money to pay current medical costs. Instead, they rave about them as a way to save money to use for future medical costs—after you’ve retired. The key to that appeal comes from three magic words: triple tax-free.