Finance Tip Friday: If you're eligible for a Health Savings Account (HSA), it's an opportunity you don't want to miss! HSAs are not just any savings account; they're a powerful tool for managing both your health expenses and financial future, especially if you're under a high-deductible health plan. 🔍 Why Consider an HSA? Triple Tax Advantage: Contributions are tax-free, grow tax-free, and withdrawals for qualified medical expenses are tax-free too. Pre-FICA Contributions: Your contributions are made before Federal Insurance Contribution Act taxes, enhancing your savings. Flexible & Versatile: HSAs cover a wide range of health expenses under their 'health expense umbrella.' 📈 Beyond Health Expenses: After age 65, your HSA transforms! You can opt to use it for non-medical expenses, paying only income tax – similar to a 401(k). The 2024 contribution limit is $4,150, effectively extending your retirement savings options. 💡 Is an HSA Right for You? HSAs are typically more beneficial if you're young and healthy, under a high-deductible plan. It's a strategic way to prepare for both health-related and future financial needs. 🚀 Take Action: Review your health plan to see if you're eligible for an HSA. Consider integrating an HSA into your financial planning for its tax benefits and flexibility. *Reminder, we are NOT tax nor financial experts so please consult with them first before making any changes. #HSA #HealthSavings #TaxAdvantages #FinancialPlanning #SmartSavings #Efinity #EfinityMortgage
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Finance Tip Friday: If you're eligible for a Health Savings Account (HSA), it's an opportunity you don't want to miss! HSAs are not just any savings account; they're a powerful tool for managing both your health expenses and financial future, especially if you're under a high-deductible health plan. 🔍 Why Consider an HSA? Triple Tax Advantage: Contributions are tax-free, grow tax-free, and withdrawals for qualified medical expenses are tax-free too. Pre-FICA Contributions: Your contributions are made before Federal Insurance Contribution Act taxes, enhancing your savings. Flexible & Versatile: HSAs cover a wide range of health expenses under their 'health expense umbrella.' 📈 Beyond Health Expenses: After age 65, your HSA transforms! You can opt to use it for non-medical expenses, paying only income tax – similar to a 401(k). The 2024 contribution limit is $4,150, effectively extending your retirement savings options. 💡 Is an HSA Right for You? HSAs are typically more beneficial if you're young and healthy, under a high-deductible plan. It's a strategic way to prepare for both health-related and future financial needs. 🚀 Take Action: Review your health plan to see if you're eligible for an HSA. Consider integrating an HSA into your financial planning for its tax benefits and flexibility. *Reminder, we are NOT tax nor financial experts so please consult with them first before making any changes. #HSA #HealthSavings #TaxAdvantages #FinancialPlanning #SmartSavings #Efinity #EfinityMortgage
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Finance Tip Friday: If you're eligible for a Health Savings Account (HSA), it's an opportunity you don't want to miss! HSAs are not just any savings account; they're a powerful tool for managing both your health expenses and financial future, especially if you're under a high-deductible health plan. 🔍 Why Consider an HSA? Triple Tax Advantage: Contributions are tax-free, grow tax-free, and withdrawals for qualified medical expenses are tax-free too. Pre-FICA Contributions: Your contributions are made before Federal Insurance Contribution Act taxes, enhancing your savings. Flexible & Versatile: HSAs cover a wide range of health expenses under their 'health expense umbrella.' 📈 Beyond Health Expenses: After age 65, your HSA transforms! You can opt to use it for non-medical expenses, paying only income tax – similar to a 401(k). The 2024 contribution limit is $4,150, effectively extending your retirement savings options. 💡 Is an HSA Right for You? HSAs are typically more beneficial if you're young and healthy, under a high-deductible plan. It's a strategic way to prepare for both health-related and future financial needs. 🚀 Take Action: Review your health plan to see if you're eligible for an HSA. Consider integrating an HSA into your financial planning for its tax benefits and flexibility. *Reminder, we are NOT tax nor financial experts so please consult with them first before making any changes. #HSA #HealthSavings #TaxAdvantages #FinancialPlanning #SmartSavings #Efinity #EfinityMortgage
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Finance Tip Friday: If you're eligible for a Health Savings Account (HSA), it's an opportunity you don't want to miss! HSAs are not just any savings account; they're a powerful tool for managing both your health expenses and financial future, especially if you're under a high-deductible health plan. 🔍 Why Consider an HSA? Triple Tax Advantage: Contributions are tax-free, grow tax-free, and withdrawals for qualified medical expenses are tax-free too. Pre-FICA Contributions: Your contributions are made before Federal Insurance Contribution Act taxes, enhancing your savings. Flexible & Versatile: HSAs cover a wide range of health expenses under their 'health expense umbrella.' 📈 Beyond Health Expenses: After age 65, your HSA transforms! You can opt to use it for non-medical expenses, paying only income tax – similar to a 401(k). The 2024 contribution limit is $4,150, effectively extending your retirement savings options. 💡 Is an HSA Right for You? HSAs are typically more beneficial if you're young and healthy, under a high-deductible plan. It's a strategic way to prepare for both health-related and future financial needs. 🚀 Take Action: Review your health plan to see if you're eligible for an HSA. Consider integrating an HSA into your financial planning for its tax benefits and flexibility. *Reminder, we are NOT tax nor financial experts so please consult with them first before making any changes. #HSA #HealthSavings #TaxAdvantages #FinancialPlanning #SmartSavings #Efinity #EfinityMortgage #applywithag
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Finance Tip Friday: If you're eligible for a Health Savings Account (HSA), it's an opportunity you don't want to miss! HSAs are not just any savings account; they're a powerful tool for managing both your health expenses and financial future, especially if you're under a high-deductible health plan. 🔍 Why Consider an HSA? Triple Tax Advantage: Contributions are tax-free, grow tax-free, and withdrawals for qualified medical expenses are tax-free too. Pre-FICA Contributions: Your contributions are made before Federal Insurance Contribution Act taxes, enhancing your savings. Flexible & Versatile: HSAs cover a wide range of health expenses under their 'health expense umbrella.' 📈 Beyond Health Expenses: After age 65, your HSA transforms! You can opt to use it for non-medical expenses, paying only income tax – similar to a 401(k). The 2024 contribution limit is $4,150, effectively extending your retirement savings options. 💡 Is an HSA Right for You? HSAs are typically more beneficial if you're young and healthy, under a high-deductible plan. It's a strategic way to prepare for both health-related and future financial needs. 🚀 Take Action: Review your health plan to see if you're eligible for an HSA. Consider integrating an HSA into your financial planning for its tax benefits and flexibility. *Reminder, we are NOT tax nor financial experts so please consult with them first before making any changes. #HSA #HealthSavings #TaxAdvantages #FinancialPlanning #SmartSavings #MarriedwithaMortgage
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Finance Tip Friday: If you're eligible for a Health Savings Account (HSA), it's an opportunity you don't want to miss! HSAs are not just any savings account; they're a powerful tool for managing both your health expenses and financial future, especially if you're under a high-deductible health plan. 🔍 Why Consider an HSA? Triple Tax Advantage: Contributions are tax-free, grow tax-free, and withdrawals for qualified medical expenses are tax-free too. Pre-FICA Contributions: Your contributions are made before Federal Insurance Contribution Act taxes, enhancing your savings. Flexible & Versatile: HSAs cover a wide range of health expenses under their 'health expense umbrella.' 📈 Beyond Health Expenses: After age 65, your HSA transforms! You can opt to use it for non-medical expenses, paying only income tax – similar to a 401(k). The 2024 contribution limit is $4,150, effectively extending your retirement savings options. 💡 Is an HSA Right for You? HSAs are typically more beneficial if you're young and healthy, under a high-deductible plan. It's a strategic way to prepare for both health-related and future financial needs. 🚀 Take Action: Review your health plan to see if you're eligible for an HSA. Consider integrating an HSA into your financial planning for its tax benefits and flexibility. *Reminder, we are NOT tax nor financial experts so please consult with them first before making any changes. #HSA #HealthSavings #TaxAdvantages #FinancialPlanning #SmartSavings #McGinnisTeam #MoreThanaMortgage
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Finance Tip Friday: If you're eligible for a Health Savings Account (HSA), it's an opportunity you don't want to miss! HSAs are not just any savings account; they're a powerful tool for managing both your health expenses and financial future, especially if you're under a high-deductible health plan. 🔍 Why Consider an HSA? Triple Tax Advantage: Contributions are tax-free, grow tax-free, and withdrawals for qualified medical expenses are tax-free too. Pre-FICA Contributions: Your contributions are made before Federal Insurance Contribution Act taxes, enhancing your savings. Flexible & Versatile: HSAs cover a wide range of health expenses under their 'health expense umbrella.' 📈 Beyond Health Expenses: After age 65, your HSA transforms! You can opt to use it for non-medical expenses, paying only income tax – similar to a 401(k). The 2024 contribution limit is $4,150, effectively extending your retirement savings options. 💡 Is an HSA Right for You? HSAs are typically more beneficial if you're young and healthy, under a high-deductible plan. It's a strategic way to prepare for both health-related and future financial needs. 🚀 Take Action: Review your health plan to see if you're eligible for an HSA. Consider integrating an HSA into your financial planning for its tax benefits and flexibility. *Reminder, we are NOT tax nor financial experts so please consult with them first before making any changes. #HSA #HealthSavings #TaxAdvantages #FinancialPlanning #SmartSavings #AriseLending
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Finance Tip Friday: If you're eligible for a Health Savings Account (HSA), it's an opportunity you don't want to miss! HSAs are not just any savings account; they're a powerful tool for managing both your health expenses and financial future, especially if you're under a high-deductible health plan. 🔍 Why Consider an HSA? Triple Tax Advantage: Contributions are tax-free, grow tax-free, and withdrawals for qualified medical expenses are tax-free too. Pre-FICA Contributions: Your contributions are made before Federal Insurance Contribution Act taxes, enhancing your savings. Flexible & Versatile: HSAs cover a wide range of health expenses under their 'health expense umbrella.' 📈 Beyond Health Expenses: After age 65, your HSA transforms! You can opt to use it for non-medical expenses, paying only income tax – similar to a 401(k). The 2024 contribution limit is $4,150, effectively extending your retirement savings options. 💡 Is an HSA Right for You? HSAs are typically more beneficial if you're young and healthy, under a high-deductible plan. It's a strategic way to prepare for both health-related and future financial needs. 🚀 Take Action: Review your health plan to see if you're eligible for an HSA. Consider integrating an HSA into your financial planning for its tax benefits and flexibility. *Reminder, we are NOT tax nor financial experts so please consult with them first before making any changes. #HSA #HealthSavings #TaxAdvantages #FinancialPlanning #SmartSavings #TeamSG #ShannonFoley #GraverJohnson #ShannonGraverTeam
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Ever wonder which accounts yield the greatest tax-savings? 🤔 I’ll give you a hint, it’s not your IRA or 401k. To wrap up our final installment of tax-savings strategies, we’re going to be discussing Health Savings Accounts, or HSAs. 🧑⚕ What Are HSA’s? HSAs act like a savings account for those with High Deductible Health Plans (HDHPs). These accounts have maximum contribution limits, but all dollars contributed to your HSA are tax-deductible. Benefits of HSA’s In addition to the tax deduction you receive for contributions, all withdrawals are also tax-free. Withdrawals must be used for qualified medical expenses, but these go beyond visits to your doctor. Lesser-know qualified expenses include: -Eyeglasses/contacts -Dental cleanings/exams -Even most over-the-counter drugs The best part; it’s not necessary to immediately reimburse yourself for qualified expenses. As long as you maintain adequate records, you can withdraw qualified expenses incurred years later. So if you don’t need the funds today, you can invest part of your HSA to grow a nice cushion to cover part of your retirement. Is an HSA Right For You? 🤔 HSAs are one of the few vehicles that offer triple-tax savings; tax-deductible contributions, tax-free growth, and tax-free withdrawals, but you are only eligible if you have a HDHP. HDHPs have many benefits, like lower premiums and occasionally employer contributions to your HSA, but they also contain drawbacks. The biggest is having a higher out of pocket cost before your insurance kicks in. Generally, HDHPs are great for healthy individuals with adequate reserves to cover emergent medical costs. However, it’s pertinent to speak with a financial professional to determine if the benefits of an HSA are worth the drawbacks of having an HDHP. Feel free to repost this and share this knowledge with your own network! #FinancialPlanning #HealthInsurance #TaxSavings #TaxPlanning
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LPL Financial Advisor & Certified Divorce Financial Analyst helping you manage money and plan for the future💸
Health Savings Accounts (HSAs) can be a secret hack to building wealth and reducing your tax bill. I LOVE HSAs. The list goes on as to why, but here are the main reasons! 🏦 Tax Advantages: -Contributions to HSAs are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to the HSA. -The interest or investment earnings within the HSA are tax-free. 💸 Triple Tax-Free Withdrawals: -Withdrawals from the HSA are tax-free when used for qualified medical expenses. -This includes expenses such as doctor visits, prescription medications, dental care, and certain other healthcare-related costs. 🌐 Portability: -You can keep the account even if you change jobs or retire. -The account is owned by you, not your employer. 🔄 No "Use It or Lose It" Rule: -Unlike Flexible Spending Accounts (FSAs), there is no "use it or lose it" rule with HSAs. The money in the account rolls over from year to year. 📈 Investment Opportunities: -Some HSA providers allow you to invest your HSA funds in various investment options, potentially allowing your money to grow over time. ⭐️Long-Term Savings: -HSAs can serve as a vehicle for saving for future medical expenses, including those in retirement. 🗓️ Schedule a Talk: -To learn more about HSAs, schedule a time for us to talk! 📅
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🚀 🌟 Are you maximizing your Health Savings Account (HSA) contributions? Here's a quick overview to help you make the most of this valuable financial tool: 1️⃣ Contribution Limits: In 2024, the annual contribution limits for HSAs have been set. Individuals can contribute up to $4,150, while families have a limit of $8,300. Don't miss out on the opportunity to save for future healthcare expenses! 2️⃣ Tax Benefits: HSAs offer triple tax benefits. Contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are also tax-free. It's a powerful way to save money and reduce your taxable income. 3️⃣ Catch-Up Contributions: If you're 55 or older, you can make an additional catch-up contribution of $1,000. This allows older individuals to boost their HSA savings as they approach retirement. 4️⃣ Investment Opportunities: Many HSA providers allow you to invest your HSA funds, providing the potential for growth over time. Consider exploring investment options to maximize the long-term benefits of your HSA. 5️⃣ Flexible Spending: Unlike Flexible Spending Accounts (FSAs), HSA funds roll over from year to year. There's no "use it or lose it" rule, making HSAs a flexible and enduring savings vehicle. 6️⃣ Healthcare Planning: Take a moment to review your healthcare needs and expenses. Use your HSA strategically to cover medical costs and build a financial safety net for future healthcare needs. Maximizing your HSA contributions is a smart financial move that not only helps you save for healthcare expenses but also provides valuable tax advantages. If you have any questions or need guidance on optimizing your HSA strategy, feel free to reach out! Let's make 2024 a year of financial wellness and smart savings. 💪💰 #HSA #FinancialWellness #HealthcareSavings #2024Finance #TaxAdvantages
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