Those are 7%-8% increases, making this one of the biggest bumps in years.
(People over 55 can add an additional $1,000 to their HSA if they choose.)
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
Whats a Health Savings Account (HSA)?
Because the contributions are tax deductible, this reduces your taxable income.
Health savings accounts can be established by either employers or employees.
The goal of an HSA is to help people offset the cost of high-deductible health care plans.
With an FSA, you lose whatever money you dont use up by the end of the year.
With an HSA, whatever money you dont use up during the year rolls over into the next year.
However, HSAs have distinct advantages.
Mainly, an HSA allows you to save for various medical expenses without being taxed on that money.
You also arent taxed when youspendHSA dollars, provided youre spending the money on qualified medical expenses.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
When you log into your bank account, how do your savings look?
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?