When it comes to tax-advantaged accounts, none are better than health savings accounts (HSAs).
Unlike any other account, HSAs provide a triple tax benefit:
1.
Pre-tax contributions are tax deductible.
2.
The money in the HSA is invested and grows tax-free (just like in an IRA).
3.
Withdrawals to pay for medical bills are tax-free.
Indeed, there is really only one thing “wrong” with HSAs: you ordinarily cannot make contributions after you reach age 65 and enroll in Medicare.
However, it is possible for some people to make HSA contributions almost until age 70. This isn’t something everyone can do, but if you can, you should give it serious consideration since it can enable you to contribute up to an additional $42,725 to your HSA.
There is no stated age limit on making tax-deductible HSA contributions. You can continue to do so no matter how old you are, as long as three things remain true:
1.
You are (or your spouse is) covered under an employer-provided high deductible ... Log in to view full article.
