Maximize Your Benefits in 2024 with Health Savings Accounts(HSA)

January 16, 2024

Are you ready to take control of your healthcare expenses in 2024?

Discover the power of Health Savings Accounts (HSAs) and how they can benefit you and your family.

What is a HSA?

• Health Savings Accounts (HSAs) are tax-advantaged savings accounts designed to help you save for medical expenses.
• Contributions to your HSA are tax-deductible, reducing your taxable income.
• Funds in your HSA can be invested and grow tax-free.
• Withdrawals for qualified medical expenses are tax-free.

Benefits of HSA in 2024

• Increased Contribution Limits: In 2024, individuals can contribute up to $3,750, while families can contribute up to $7,500, providing more savings potential.
• Triple Tax Benefits: Enjoy tax deductions on contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.
• Portability: Your HSA account stays with you, even if you change jobs or health insurance plans.
• Retirement Savings: HSA funds can be used for non-medical expenses after age 65, making it a valuable retirement savings tool.
• Control and Flexibility: You decide how to spend your HSA funds, giving you control over your healthcare choices.

How to Maximize Your HSA

• Contribute Regularly: Set up automatic contributions to ensure your HSA grows over time.
• Invest Wisely: Consider investing HSA funds for potential long-term growth.
• Keep Records: Maintain records of all qualified medical expenses for tax purposes.
• Plan for Retirement: Use your HSA as a retirement savings vehicle by contributing consistently.

Qualified Medical Expenses

• Doctor’s visits
• Prescription medications
• Dental and vision care
• Hospital stays
• Laboratory fees
• Preventive care
• And more!

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Invest in your health and financial future with an HSA. Start maximizing your 2024 HSA benefits today!

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Call or Text: (803) 261-4186

Email: kristin@atlantic-ii.com

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