Health Savings Accounts (HSA) are one of the most misunderstood parts of employee benefits today. HSAs are individually owned bank accounts that work in conjunction with your health plan – your health plan does have to be HSA compatible, traditionally referred to as high deductible health plans (HDHP).
Don’t be afraid of ‘high deductible’ – yes, we understand that you could pay more out of pocket. But hopefully, as a healthy young person, you don’t have high out of pocket health care costs. And if you do, simply save your receipts and pay yourself back at any time. We covered a lot of the basic HSA info in an earlier post, check it out here.
Sp why do we think it’s a good financial move for millennials to have an HSA?
You get tax-deferred treatment! Be aware of the annual limits, but any money you contribute (through employee payroll…
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