Last-Minute Tax and Health Insurance Enrollment Tip
As consumers across the country navigate tax season and a changing health care landscape this year, the savings and control over health care spending offered by health savings accounts (HSAs) deserve a closer look.
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The Affordable Care Act has changed a few aspects of HSAs; however, their triple-tax advantages remain – money deposited into an HSA is still tax deductible, interest on these savings still grows tax deferred, and funds withdrawn for qualified medical expenses are still tax-free. Any money left in the account at the end of the year rolls over to the next year, accumulating over time for use when needed, even for retirement health care costs.