More Investors Looking at HSAs as a Way to Save for Retirement

American companies have adopted health savings as an employee benefit in recent years. Many businesses increasingly see HSAs as what plan developers are intended to be—as a health care spending vehicle that allows users to save for health care expenses on a tax-advantaged basis.

Also Read :  These Household Bills Are Boosting Your Cost of Living

That premise sounded so good that American consumers now hold more than $100 billion in HSAs, representing the highest funding point since health savings accounts were rolled out in 2003.

“The reason HSAs are so popular and powerful is that they have a triple tax advantage; you get a tax deduction for putting money in, it grows tax-free and comes out tax-free if used for medical expenses,” said Jay Zigmont, founder of Childfree Wealth.

Also Read :  Millennial's beauty startup Social Bella raised over $225 million


Leave a Reply

Your email address will not be published.

Related Articles

Back to top button