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  Drew's Corner

Employee Benefits & Finance

SmarterHSA Blog #4: Is an HSA the Ultimate Retirement Account?

8/20/2016

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For a majority of consumers, an HSA is viewed as simply a savings account for medical expenses that provides some tax benefits.
 
When taking a closer look, an HSA can be much more than that.  When utilized intelligently, the HSA can provide the best benefits of a 401 (k), 403 (b), or Traditional/Roth IRA combined.
 
An HSA has a triple tax advantage:   
 
1. Your contributions to an HSA are tax deductible
2. Your account grows tax free
3. Withdrawals for qualified medical expenses are tax-free
 
*In addition, if you contribute to your HSA through a payroll deduction, you do not pay FICA taxes (Social Security and Medicare) on the contributions. 
 
The Health Savings Account allows for tax-free contributions, tax-free growth, and tax-free distributions! 

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