5. Tax Benefits with an HSAPAY Account

Medical expenses are the number one reason for people to set up an HSA in the first place. But did you know that it’s also tax free to use your HSA to pay for medical services? This blog will take a look at the rules and regulations surrounding tax-free medical expenses and HSA contributions.

HSA accounts are wonderful and allow you to contribute pre-tax money for medical expenses. If you don't use them for purchasing health insurance, some people contribute to HSA accounts to save money for retirement. They are intended for help with out-of-pocket expenses for health care, but if you're contributing to the maximum amount you're also entitled to keep any unused money tax-free.
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Does your HSA have enough funds to cover the deductible on your medical expenses? If you're not sure, you might be missing out on tax savings by not contributing enough in a given year. If you contribute the maximum amount every year, you can keep every penny of your funds, tax-free. If you contribute the maximum amount, you can contribute up to $3,350 in a lifetime.