HEALTH SAVINGS ACCOUNTS

Enrolling in An HSA Among Tax Tips for People in Their 50s

 

The Motley Fool (10/1, Campbell) provided five tax tips for Americans in their 50s, suggesting, for example, people enroll in a health savings account. The article noted that people “can make pre-tax contributions to an HSA that can be used to pay medical costs, such as dentist visits, co-pays, and laser surgery, tax-free.” In addition, unused money in HSAs “can grow tax-free over time,” allowing these accounts to “function as a tax-advantaged savings tool to pay healthcare costs in retirement.”