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A health savings account or HSA is a tax-advantaged plan that's designed to help you save for future healthcare needs. HSAs are available with high deductible health plans. HSAs are available with ...
Here’s what you need to know about upcoming changes to Health Savings Accounts. ... a qualifying high deductible health plan (HDHP). The contribution limit for 2025 has increased to $4,300 for ...
A taxpayer can generally make contributions to a health savings account for a given tax year until the deadline for filing the individual's income tax returns for that year, which is typically April 15. [25] All contributions to a health savings account from both the employer and the employee count toward the annual maximum.
The IRS and Medicare recommend that you stop contributing to your HSA 6 months before you enroll in Medicare to avoid these penalties. This is especially true if you’re enrolling in Medicare later.
Image source: Getty Images. But many people opt to treat HSAs as retirement plans because funds in these accounts don't need to be used up by a specific deadline. You can contribute to an HSA at ...
If you want to make a tax-free withdrawal from your HSA before you turn 65, you’ll need to use the funds for a qualified medical expense. Although there is a lengthy list of qualified medical ...
To be able to contribute to an HSA, you’ll need to be enrolled in an HSA-eligible health care plan, also known as a high-deductible health care plan, among a few other conditions:
Invest Your HSA Funds Since most individuals and families are unlikely to use all their HSA money on medical costs in their early years, it makes sense to invest the cash so it can grow, tax-free.