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Should you have a Health Savings Account (HSA)? Fidelity estimates that people 65 years of age till death will require $275,000 to cover medical care costs in retirement. That can leave many of us wondering how to plan and prepare for having that sum of money ready for future healthcare costs. Fortunately, there is a financial tool that may just be the answer for saving toward healthcare costs in retirement.
Tune in to this week’s mini-episode of The Money Guy Show to find out:
- What is a Health Savings Account (HSA) and how is it different from say a Flexible Spending Account (FSA)
- Who qualifies for opening an HSA
- The three biggest ways an HSA helps you save on taxes – think Triple Tax Advantage!
- What the contribution limits are for 2018
- Why it’s such an efficient sleeper retirement account
- How to select an HSA provider
- Considerations for determining whether or not an HSA is right for you
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