MIND YOUR BIZNESS
deposited into the health savings account - is pre-tax. Second, any interest earnings are also income tax-free. Finally, unlike some retirement accounts, fund withdrawals to pay for health care costs are also income tax free. Depending on how much is set aside (for 2019, contribution limits are $3,500 for an individual and $7,000 for a family, over 55 can add an additional $1,000), these cumulative tax savings can add up to serious money over time.
5. It can help you plan for retirement.
Learn about your plan's investment options, because this is where your savings can really take off. Turning 65 unlocks more benefits, including the ability to use health savings account funds to pay for some Medicare premiums or long-term care.
6. You can shop around to find a plan that's best for you.
You can open your own health savings
account as long as you have a qualifying health insurance plan. When shopping around, comparing details, such as access to low-fee investment options, accounts with no surprise fees, and the availability of tech tools like Alexa or Google Home or an easy-to-use mobile app, can help you reach your decision.
Bottom line, a health savings account is a valuable tool to help you manage your health care costs and plan for your future. It's worth talking to your human
resources representative and your financial planner to make sure you're getting the most from your health savings account. If you're interested in learning if an Optum Bank health savings account is right for you, start by visiting OptumBank.com.