Michael Patton Advising: How Funding an HSA Could Help Strengthen Your Retirement Strategy
By one estimate, the typical 65-year-old couple who retired in 2021 could spend as much as $296,000 on health-care expenses in retirement. This figure includes lifetime premiums for Medicare, supplemental insurance, deductibles, coinsurance, and other out-of-pocket costs for medical care and prescription drugs.
The primary purpose of a health savings account (HSA) is for workers to set aside pre-tax income to pay current and future medical expenses not covered by health insurance. This is why HSAs are sometimes called Medical IRAs. They incentivize saving with three powerful tax advantages:
(1) the dollars you contribute are deducted from your adjusted gross income
(2) investment earnings compound tax-free inside the HSA
(3) withdrawals are untaxed if the money is spent on qualified health-care expenses.
Read the full article here: https://www.pattonadvising.com/How-Funding-an-HSA-Could-Help-Strengthen-Your-Retirement-Strategy.c9977.htm
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