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Health saving accounts can save tax dollars

Source: nj.com - Mar 24, 2017

If you've been unhappy with your employer's health plan offerings, you're not alone. But if you have a high deductible plan, your employer probably offers a chance for you to save on taxes. We're talking about health savings accounts, or HSAs.

HSAs are tax-advantaged medical savings accounts used to pay for qualified medical expenses -- tax-free, says Michael Green, a certified financial planner with Wechter Feldman Wealth Management in Parsippany.

"Qualified withdrawals can be used for out-of-pocket medical, vision and dental expenses," Green says. "However, an HSA cannot be used to pay for health insurance premiums," until age 65.

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Category: General Business