Employee Benefits & Finance
SmarterHSA Blog #4: Is an HSA the Ultimate Retirement Account?
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
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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