{"id":43,"date":"2021-12-05T07:43:41","date_gmt":"2021-12-05T07:43:41","guid":{"rendered":"https:\/\/moneymakersandsavers.com\/?p=43"},"modified":"2021-12-05T07:46:26","modified_gmt":"2021-12-05T07:46:26","slug":"hsas-health-savings-accounts","status":"publish","type":"post","link":"https:\/\/moneymakersandsavers.com\/hsas-health-savings-accounts\/","title":{"rendered":"HSAs (Health Savings Accounts) &#8211; What Are They and What Are Their Benefits?"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_55 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6617beb8c6a01\"><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #4ff74c;color:#4ff74c\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #4ff74c;color:#4ff74c\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6617beb8c6a01\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/moneymakersandsavers.com\/hsas-health-savings-accounts\/#What_is_an_HSA\" title=\"What is an HSA?\">What is an HSA?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/moneymakersandsavers.com\/hsas-health-savings-accounts\/#What_are_some_benefits_of_an_HSA\" title=\"What are some benefits of an HSA?\">What are some benefits of an HSA?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/moneymakersandsavers.com\/hsas-health-savings-accounts\/#What_are_the_contribution_limits_of_HSAs\" title=\"What are the contribution limits of HSAs?\">What are the contribution limits of HSAs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/moneymakersandsavers.com\/hsas-health-savings-accounts\/#What_are_some_HSA_Brokerages\" title=\"What are some HSA Brokerages?\">What are some HSA Brokerages?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"what-is-an-hsa\"><span class=\"ez-toc-section\" id=\"What_is_an_HSA\"><\/span><strong>What is an HSA?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>HSAs are tax-deferred<span style=\"color:rgb(34,34,34);font-family:-apple-system, BlinkMacSystemFont,;\"> accounts that are meant to be used specifically for health-related expenses from co-pays to surgeries and more. It&#8217;s available to taxpayers in the United States who are enrolled in a high-deductible health plan. Unfortunately, there are some restrictions<\/span> on who would be eligible for HSAs. Those not eligible to have one include those with traditional [non-HSA] health plans, Medicare, Tri-Care, VA benefits, a flexible spending account, or are claimed as a dependent on another person&#8217;s tax return. For those eligible for HSAs, you can pay for medical expenses with the investment funds for you, your spouse, and dependents tax-free.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-are-some-benefits-of-an-hsa\"><span class=\"ez-toc-section\" id=\"What_are_some_benefits_of_an_HSA\"><\/span><strong>What are some benefits of an HSA?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>The contributions are deductible from your taxable income like traditional <a href=\"https:\/\/moneymakersandsavers.com\/traditional-and-roth-401ks-what-are-they-and-what-are-their-benefits\/\">401ks<\/a> or <a href=\"https:\/\/moneymakersandsavers.com\/investment-accounts-iras-and-roth-iras\/\">IRAs<\/a> and are also free from taxes when withdrawn for eligible expenses. Also unlike their cousin, the FSA, all the money invested rolls over year after year.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.staibfinancialplanning.com\/wp-content\/uploads\/2017\/08\/Health-Savings-Account-Speedometer.gif\" alt=\"hsa\"\/><\/figure><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-are-the-contribution-limits-of-hsas\"><span class=\"ez-toc-section\" id=\"What_are_the_contribution_limits_of_HSAs\"><\/span><strong>What are the contribution limits of HSAs?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>For 2021, the contribution limits set by the IRS are $3600 for singles and $7200 for married people and at 55 you can invest an additional $1000. After the age of 65, it acts like a <a href=\"https:\/\/moneymakersandsavers.com\/traditional-and-roth-401ks-what-are-they-and-what-are-their-benefits\/\">401k<\/a> or <a href=\"https:\/\/moneymakersandsavers.com\/investment-accounts-iras-and-roth-iras\/\">IRA<\/a> in that you can make withdrawals for any expense that is taxed at regular income rates but with no penalty fees.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-are-some-hsa-brokerages\"><span class=\"ez-toc-section\" id=\"What_are_some_HSA_Brokerages\"><\/span><strong>What are some HSA Brokerages?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Some good sites to go to in order to open your own HSA accounts and learn more about them are <a href=\"http:\/\/hsabank.com\" target=\"_blank\" rel=\"noopener\">hsabank.com<\/a> and <a href=\"http:\/\/healthequity.com\" target=\"_blank\" rel=\"noopener\">healthequity.com<\/a>, which are also endorsed by the famous financial counselor Dave Ramsey.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Another good one that I personally use myself is <a href=\"http:\/\/livelyme.com\" target=\"_blank\" rel=\"noopener\">Lively HSA<\/a>. It is entirely free and allows for a few investment options. If you just put the money in without investing it sits in a checking account that earns a small amount of interest. But you can also invest without any fees or minimum requirements using two options. One option would be a TD Ameritrade investment account if you want to invest by yourself or you could also use the Denevir HSA Guided Portfolio option if you prefer to just set it and forget it.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Disclaimer: I am not any sort of investment or financial professional giving any sort of legal advice. I&#8217;m just some guy trying to teach other people about how they might navigate the financial world.<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n<form role=\"search\" method=\"get\" action=\"https:\/\/moneymakersandsavers.com\/\" class=\"wp-block-search__button-outside wp-block-search__text-button wp-block-search\"    ><label class=\"wp-block-search__label\" for=\"wp-block-search__input-1\" >Search<\/label><div class=\"wp-block-search__inside-wrapper \" ><input class=\"wp-block-search__input\" id=\"wp-block-search__input-1\" placeholder=\"\" value=\"\" type=\"search\" name=\"s\" required \/><button aria-label=\"Search\" class=\"wp-block-search__button wp-element-button\" type=\"submit\" >Search<\/button><\/div><\/form>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is an HSA? HSAs are tax-deferred accounts that are meant to be used specifically for health-related expenses from co-pays to surgeries and more. It&#8217;s available to taxpayers in the United States who are enrolled in a high-deductible health plan. Unfortunately, there are some restrictions on who would be eligible for HSAs. Those not eligible&#8230;<\/p>\n","protected":false},"author":159998695,"featured_media":2640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1362,1368],"tags":[1387,1385,1382],"_links":{"self":[{"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/posts\/43"}],"collection":[{"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/users\/159998695"}],"replies":[{"embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/comments?post=43"}],"version-history":[{"count":0,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/posts\/43\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/media\/2640"}],"wp:attachment":[{"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/media?parent=43"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/categories?post=43"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/tags?post=43"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}