Health, Savings, Accounts
A health savings account (HSA) is a tax-free account that lets you save and pay for your health care expenses. Think of it as a 401(k) for healthcare – only better. Take advantage of the triple tax benefit of an HSA. No taxes are taken out of the money you contribute to the HSA, the interest you earn, or the withdrawals that are eligible medical expenses.
Not only does opening a health savings account (HSA) help you save for your future, but it also lowers your current taxable income – a great benefit to any self-employed individual. The HSA funds you don’t use will still be there, just earning SelectAccount’s competitive interest rate. It’s always smart to have a financial safety net to catch you when you need it most – especially if you have a high deductible health plan. The sooner you start saving with your HSA, the stronger your net will be. So how thick are the fibers of your safety net?