Health savings accounts (HSAs) have attracted a lot of public attention in recent weeks as lawmakers discuss new options for overhauling our health care system. HSAs have been around for a long time, but they may become even more commonplace in the near future. These accounts currently require you to be enrolled in high-deductible health care plans. As of this year, you must have a deductible of at least $1,300 for an individual plan and $2,600 for a family plan. If you have an individual plan, you can contribute $3,400 into an HSAs. For families, this amount is $6,750. These funds can be used to cover basic medical expenses. Contributions towards your HSA can come from your employer, relatives or others. What Are the Pros and Cons of Health Savings Accounts? Contributions made to HSAs are tax-free. You do not have to report these contributions when filing your taxes. Withdrawals…
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