Health Savings Accounts are becoming more and more popular and more and more important in today’s world. HSA’s are basically savings accounts that are used in the case of health care emergencies. HSA’s are especially useful to people who have kids because you can put a little bit of money out of each of your paychecks into your HSA and then if your child were to get sick or get hurt you could use that HSA to pay the bill instead of having to come up with the cash.
HCR Wealth Advisors encourages clients to consider opening an HSA when appropriate for them. In order to get your HSA started, you have to enroll in a high-deductible health care plan. These health care plans like any other have annual deductibles and out of pocket expense maximums. The HSA will also have a contribution limit for each year.
Any money that you put into your HSA that is not used will not be lost at the end of the year it will simply carry over into the next year. You will also not be taxed on any money used on qualifying medical bills.
HSA’s are a great way to keep your family from having to suffer when it comes to high-cost medical bills. Having a little something to fall back on is always good and in the case of an emergency having an HSA is an excellent idea. Most employers offer HSA accounts so if you are someone who hates when those medical bills roll in the mail then talk to your employer. After you set up your HSA that money will be sitting there waiting to pay your medical bills. HSA’s are helping people stay ahead of the financial game and HCR Wealth Advisors are helping to keep them active.
HCR Wealth Advisors is not affiliated with this website.