It’s open enrollment season: the time of year to be talking about doctors and deductibles! As you choose your coverage, you should be thinking beyond 2018. It’s a little-known fact your health care plan can play an important part in saving for the future!
Financial professional Mindy McIntosh talks with Profitt Report on FOX66 WSMH about Health Savings Accounts and how workers can use them to their full potential.
Basically, an HSA is a tax-free account that offers you a way of saving for medical costs that aren’t covered by insurance. HSAs are usually part of a high-deductible insurance policy, you (and sometimes your employer) put in pre-tax dollars, and that money grows tax-deferred. Unlike a Flexible Spending Account, the money rolls over if you don’t use it by the end of the year. HSA funds also come with you if you change jobs.
Click here for a list of medical expenses covered by a Health Savings Account.