If your health insurance plan qualifies you for a Health Savings Account (HSA), you should have one. In fact, in certain instances, it might make sense to switch to an HSA eligible health insurance plan in order to utilize the benefits of the HSA. When most people use an HSA, they contribute to the HSA & use that money to pay for their medical expenses. While that is certainly advantageous, I want you to consider using the HSA a bit differently if your situation will allow.
What is an HSA? A Health Savings Account (HSA) is a financial account that combines a high-deductible health insurance plan with a tax-favored savings account. There are certain qualifications to be eligible to contribute to an HSA Account. If you’re an individual, you must have a plan with an out-of-pocket maximum of $6,550 and a [...]