HSA for America Releases 'The Complete Consumer's Guide to Health Savings Accounts
Health Savings Accounts enable people with qualifying high-deductible health insurance plans to set aside money in a tax-favored account, which grows tax-deferred and can be used tax-free to pay for future medical expenses. "There seems to be a large lack of understanding about how HSAs work, even among bankers, insurance agents, CPAs and other financial advisors," says Wiley Long, President of HSA for America. "We put together this report to help people understand how they can use an HSA to lower their taxes and their health insurance premiums, and at the same time build a second retirement account."
"Because an HSA is the only investment tool that gives you a tax-deduction now, along with tax-free withdrawals later, it is actually the first retirement vehicle you should fund," added Long. "Medical bills will be a large expense for the typical retiree. By establishing a fund now that can be used to pay for future medical expenses, one can make their retirement dollars go much further."
Mr. Long points out many people don