Knowledge is power.
We empower our clients.

Get Started Now
<< Back to Helpful Tips

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.

2024 HSA Contribution Limits

For 2024, an individual can contribute up to $4,150, families can contribute up to $8,300 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.

Nurse checking blood pressure of female patient One Way to Save for Future Health-Care Costs health insurance concept - stethoscope over the money Rethink How You Use Your Health Savings Account Pebble stack 10 Ways to Make the Most of Your Money
Log In to Your Existing Account Get Started Now

Need assistance? Call 855.662.2121 or email info@jemmafinancial.com

You are now leaving Jemma Financial

Yes, I would like to leave No, I would like to stay

Important Notice

You are now leaving the Jemma Financial Services website and will be entering the Charles Schwab & Co., Inc. (“Schwab”) website.

Schwab is a registered broker-dealer, and is not affiliated with Jemma Financial Services or any advisor(s) whose name(s) appear(s) on this website. Jemma Financial Services is/are independently owned and operated. [Schwab neither endorses nor recommends {Name(s) of Investment Management Firm(s)}, unless you have been referred to us through the Schwab Advisor Network®. (This bracketed language is for use by Schwab Advisor Network members only.)] Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with “Name(s) of Firm(s)” under which Schwab provides Jemma Financial Services with services related to your account. Schwab does not review the Jemma Financial Services website(s), and makes no representation regarding information contained in the Jemma Financial Services website, which should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.

IMPORTANT NOTICE

You are now leaving the Jemma Investment Advisors, LLC Website and will be entering the Charles Schwab & Co., Inc. ("Schwab") Website. Schwab is a registered broker-dealer, and is not affiliated with Jemma Investment Advisors, LLC, or any advisor(s) whose name(s) appears on this Website. Jemma Investment Advisors, LLC is independently owned and operated. Schwab neither endorses nor recommends Jemma Investment Advisors, LLC. Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with Jemma Investment Advisors, LLC under which Schwab provides Jemma Investment Advisors, LLC with services related to your account. Schwab does not review the Jemma Investment Advisors, LLC Website, and makes no representation regarding the content of the Website. The information contained in the Jemma Investment Advisors, LLC Website should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.

Continue to Schwab

This will close in 0 seconds