HSA Tax Strategy - Health Savings Account for Tax Free Growth and Maximum Tax Deduction

This video post explores the benefits of Health Savings Accounts and how they work.
HSAs are special accounts designed to allow individuals to save money for healthcare expenses tax-free and use those funds when they need them.
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By saving money in an HSA, individuals can cover their out-of-pocket expenses without going into debt, especially those who have high-deductible health insurance plans.
The main benefits of an HSA include tax benefits, savings, flexibility, and portability.
If you're covered by a High Deductible Health Plan, you can open an HSA with a bank, credit union, or other financial institution that offers these accounts. The maximum contribution amount for 2023 is $3,650 for individuals and $7,300 for families, with an additional catch-up contribution of $1,000 per year for individuals who are 55 or older. Consider opening an HSA to help you save money and stay on top of your healthcare expenses.
01:04 What is an HSA
02:44 How to qualify for an HSA
08:50 Do's and Don't of an HSA
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