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Health Savings Accounts: A Closer Look

This article discusses the pros and cons of Health Savings Accounts (HSAs), highlighting the tax advantages, criticisms, and options for improving HSA choices.

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English

United States

HealthLifestyleHealthcareFinanceRetirementTaxesInvesting

MorningstarThe Associated Press

Christine Benz

What are the tax advantages of a Health Savings Account (HSA)?: HSAs, or health savings accounts, offer triple tax advantages: pretax contributions, tax-free compounding, and tax-free withdrawals for qualified medical expenses. However, many HSA owners don't maximize their contributions.
Who are the main critics of HSAs and what are their arguments?: Critics argue that HSAs benefit the wealthy and healthy more than lower-income individuals because of the high-deductible health plans required for HSA eligibility. The high deductible can be a barrier to healthcare for those with limited financial resources.
Why might even wealthy individuals not fully utilize their HSAs?: Even those with sufficient financial resources may not fully utilize HSAs due to subpar employer-provided HSA options. Factors such as high fees, low interest rates, and limited investment choices can discourage maximum contributions.
What options are available to individuals dissatisfied with their employer-provided HSA?: Three options exist for those dissatisfied with their employer-provided HSA: contributing to a separate HSA independently, transferring funds to another HSA periodically, or performing a one-time rollover to a different HSA.
What are the key differences between transferring and rolling over funds from one HSA to another?: Transferring or rolling over funds to a preferred HSA allows individuals to access better investment choices and potentially lower fees. However, rollovers involve receiving a check and redepositing it within 60 days, unlike the more seamless process of transfers.

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