Domenick & Associates Blog Navigating Health Savings Accounts: Contributions, Coverage, and Retirement Benefits

Health Savings Accounts (HSAs) were established in the early 2000s to assist individuals enrolled in high-deductible health plans (HDHPs) in saving for current and future healthcare expenses. Since 2003, HSAs have grown in popularity for savings and qualified medical expenses. Contributions are deducted on a pre-tax basis directly from your paycheck, avoiding federal taxes on both the money invested and the growth of the investment. HSAs are exempt from state taxes except in California and New Jersey, where state taxes are still applied. The post Navigating Health Savings Accounts: Contributions, Coverage, and Retirement Benefits appeared first on Bryn Mawr Trust.