HSA = Medical IRA

Think Medical IRA

Think of an HSA as a “medical IRA” (IRA = Individual Retirement Account)

Triple tax benefits

Tax deductible contributions to health savings account
Tax-free growth while in HSA
Tax-free withdrawals for qualified medical expenses.

Pay expenses over a lifetime

You can use your health savings account to pay qualified medical expenses check including doctor visits, labs and x-rays, hospital expenses, surgeons, dental, vision, prescriptions, over-the-counter medications and alternative care.

During retirement you can pay Part B and D premiums; deductibles and copays; as well as expenses not covered by Medicare such as dental, vision and annual exams...

My opinion:

I believe that every American under age 65 should have a health savings account. It provides a way to plan and save for the future. It is the smartest way to finance health care expenses now, and in the future. As I often say in the workshops I conduct for the CPA society, “HSAs are the only legal way to launder money; money is totally tax free when used for qualified health care expenses.”