Otherwise known as HSAs, these tax-advantaged accounts are established for individuals and families to save for qualified health care expenses.
In order to contribute to an HSA, you must:
- Have a current plan with a high deductible
- Not have other healthcare coverage, including Medicare
- Not be considered a dependent on another person’s tax return
- Tax-free earnings and withdrawals provided the funds are used for qualified medical expenses.
- If you change health care plans, you do not lose your funds.
- Funds in the account continue to accrue until they are needed; you are not required to take yearly distributions.
Self-directed health savings plans enable plan owners to acquire alternative investments using account funds — gaining the potential to increase the capital in the account. Alternative assets include real estate, precious metals, oil and gas options, and more.
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