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Do You Know The Way To HSA?

Originally posted by Patty Kujawa on January 28, 2015 on www.workforce.com.

With the rapid growth in high-deductible health plans, health savings accounts provide an option to pay medical bills and save for the future.

Corey Barnett is an avid saver, but doesn’t like the idea of stashing his retirement reserves in one place.

That’s why when he left his steady job to create a digital marketing company in February 2014, the 25-year-old rolled his 401(k) into an individual retirement account and specifically looked for a high-deductible health plan so he could continue using his health savings account as a way to pay for current medical bills as well as save and invest money for retiree health costs.

Barnett likes the HSA because he finds it tax-savvy and flexible; money goes in, grows and goes out tax-free for medical bills: He can use the money today if he gets sick or he can save it for tomorrow’s retiree health bills.

Read full article here.