Deduct the money you put towards a Health Savings Account!
Contributions you make to a Health Savings Plan are deductible and the withdrawals you make from it are tax free when you use the money towards medical expenses.
If you are over 65, and you make a withdrawal to pay for something that is non-medical related, An HSA (Health Savings Account) works much like an IRA.
There are some eligibility requirements such as you have to have a high deductible plan and you cannot be enrolled in Medicare. Your minimum deductible to be eligible must be at least $2500 for joint filers or $1250 for individuals.
HSAs are also just ideal for people with high deductibles so it may be something to seriously consider with all of its tax advantages as well. Talk to us about what’s right for you. Everyone’s tax, financial and health insurance situation is different.
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