If you establish a health savings account (HSA) by December 1, you can get a nice reduction on your tax bill come April 15th.
In fact, having an HSA can reduce your tax bill year after year, and give you a tax-advantaged way to save money that no other investment offers.
How do health saving accounts work?
Health savings accounts (HSAs) are a type of tax advantage savings accounts for individuals with high deductible health plans (HDHP). In fact, HSAs offer a triple tax advantage with tax-deductible contributions; tax-deferred growth; and tax-free withdrawals when the money is used to pay for qualifying medical expenses. No other investments offer all three of these these tax benefits benefits.
You’re not required to contribute, and if you don’t use the money in your account, it rolls over year after year.
If you have your plan in place by December 1, you can make a full contribution for 2019 ($7,000 for a family and $3,500 for individuals), directly reducing your April tax bill. Who doesn’t want good news on your taxes?
HSA + Healthsharing = Even More Savings
HSA for America offers a partial self-directed HSA combined with a health care sharing plan. You apply, and when approved, you choose the level of coverage you want. You pay a monthly share, much like a premium, and when the time comes, you simply submit your bills for coverage.
Monthly contributions start as low as $190 a month. In comparison, the average health insurance premium for individuals is anywhere from $400 to $500 a month. The difference is not something to scoff at.
Call us to sign up for a plan!
Call to talk to one of our Personal Benefits Consultants to learn more or discuss your options. They can walk you through the process of signing up for Mpowering Benefits and taking full advantage of your savings.
I’ve been a long time advocate for health insurance savings. I’m always willing to help anyone figure out the best way to save money on their health insurance. I also love living in Colorado in the Fort Collins area. What a great state to live in!