Health Savings Accounts Provide a Simple Tax Break for High-Income Earners
Health Savings Accounts (HSAs) are often overlooked or misunderstood, but they provide a noteworthy tax savings strategy for high-income earners when utilized correctly. Specifically, they provide access to a triple tax-advantaged account with the potential to beat the utility of even your 401(k) plan. You can contribute to your HSA on a pre-tax or tax-deductible basis, your savings grow tax-free, and you can also make tax-free withdrawals from the account to pay for qualifying medical expenses. What’s more, if you optimize your contributions and refrain from making withdrawals, your HSA can also serve as a valuable – and flexible – retirement asset.
Below, we’ll discuss the details of why high-income earners should consider utilizing an HSA.
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