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Understanding the Benefits and Regulations of Health Savings Accounts

share-iconSunday, January 05 comment-icon2 weeks ago 7 views
News sources:
latimesLATIMES
Understanding the Benefits and Regulations of Health Savings Accounts

Credited from: LATIMES

  • Health Savings Accounts (HSAs) offer a rare **triple tax break**, allowing pre-tax contributions, tax-deferred growth, and tax-free withdrawals for medical expenses.
  • For 2023, **individuals can contribute up to $4,300** to HSAs if covered by high-deductible health plans, with a higher limit for families.
  • Combining HSAs from different employers can reduce fees and simplify account management. **Direct transfers** are recommended for consolidation.
  • Switching from Medicare Advantage to original Medicare does not incur fines, but may impact access to **Medigap** insurance without guaranteed issue rights.
  • Consulting your HSA provider is crucial for understanding transfer options and tax implications of investment consolidation.

For more details, visit the original article here.

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