All posts filed under: Investing

Why We Have HSAs and You Should Too!

Originally posted on Millennials making cents of money:
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 deductions or direct deposits) are eligible deductions. Your HSA stays with you when you change jobs, so you…