Medical expenses continue to rise and health insurance companies continue to limit what they will pay for. Bring in the answer for many of us to bridge the gap………….Health Savings Accounts. Are you eligible for one ? Do you have one ? I highly recommend you find out.
Your contributions to this HSA plan are tax deductible up to $7,000 for a family or $3,500 for an individual. The money then grows tax free in this account and can be used to cover out of pocket medical expenses at any time. There are some very specific rules about these accounts which is important to understand but if you are eligible, I highly recommend jumping on this pre tax savings as soon as possible.
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