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Health Savings Account: A Tax-Advantaged Tool for Your Medical Expenses

Looking for a powerful financial tool when paying for current or future healthcare expenses? Consider a Health Savings Account (HSA), which is available to those in a high-deductible health plan (HDHP).

Three benefits of an HSA account:

  1. Tax Advantages: Contributions may reduce gross income and have current tax advantages; investment growth is tax free and withdrawals for qualified medical expenses are tax free as well.*
  2. Unused funds roll over to the next year: Unlike employer-sponsored Flexible Savings Accounts, funds contributed to an HSA account are always yours. Any unspent money each year is available for future qualified medical expenses and allows the value of the portfolio to grow over time.
  3. Portability: Funds remain available for future qualified medical expenses regardless of whether you change healthcare plans.

Looking to open or add to your HSA account? Call your Jemma Financial Advisor for more information.

2022 HSA Contribution Limits

For 2022, an individual can contribute up to $3,650, families can contribute up to $7,300 and an additional $1,000 catch-up contribution can be made for those 55 years old or older.

*At age 65 withdrawals for non-qualified expenses can be taken at any time without a penalty. However, withdrawals for nonqualified expenses are subject to ordinary income tax.

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