(Graphic of ‘Use it or Lose it’ text breaking in half creating a tearing sound) More good news, with an HSA there’s no use it or lose it rule, Second, you won’t pay income tax on money you use for qualified medical expenses, that includes vision and dental expenses.Īnd third, your savings grow income tax free, helping you create a nice little nest egg for retirement. Keep in mind the IRS sets limits on how much you can contribute each year. In fact, in most cases there are three ways an HSA helps you keep your money in your pockets and out of Uncle Sam’s.įirst, generally you won’t pay federal income tax on money you deposit into your account. Save smart, it’s easy with an OPTUMBank® Health Savings Account or HSA.Īn HSA is used to save for qualified medical expenses for you and your eligible dependents, both now and in the future. As you're planning for the future, your HSA can ease your mind and prepare you for retirement by saving money income tax-free. You’ll pay ordinary income tax on those funds, but the 20% tax penalty no longer applies. After turning 65 you can use your HSA funds for non-qualified expenses, like a boat or an exotic vacation. Start planning for retirementĪn HSA is a great tool to help you prepare for future health care costs and retirement. Unlike a 401(k) when you use HSA funds for qualified medical expenses, it’s always 100% income tax-free. In addition to contributing to your 401(k) you can also invest your HSA dollars to help grow your balance. This is a great way to plan for unexpected medical expenses, from your deductible to an ER visit, for the whole family. You can use your HSA to pay for the qualified medical expenses of anyone you claim on your taxes, even if you're only enrolled with single coverage. When you, your employer or anyone else makes a contribution to your HSA, it stays there so you can use it when you need it. You get to keep the money in your HSA, no matter what, even if you change jobs or move off a qualifying high-deductible health plan. Combine your HSAsĪlready have a health savings account (HSA) with another HSA provider? Save time by combining your HSAs into a single account with Optum Bank. Use it online, in store, or at your doctor. Your HSA card fast-tracks your payments and lets you skip the paperwork - all while saving you 30%* by using HSA dollars. You know you're going to need it - so why not save on taxes, too? Pay the fast way with your HSA card The money you contribute to your HSA goes in, grows and comes out income-tax free when used for qualified medical expenses.
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