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HSA: Health Account with a Powerful Wealth-Building Benefit

November 20, 2020
  • What is an HSA?
  • Why use an HSA?
  • How do I use an HSA?

If you have access to an HSA, you can invest in it to significantly increase your potential wealth. That’s because contributions, earnings, and even withdrawals can be tax-exempt if certain requirements are met. For 2021, you can contribute up to $3,600 as an individual, or $7,200 per family; if you’re 55 or older, you can contribute an additional $1,000 per eligible participant. To access HSA funds without tax or IRS penalty, it’s essential that you keep your receipts for qualified medical expenses (perhaps for years or decades). I can help with some ideas for secure, virtual, long-term document storage if you need assistance.