Looking to save for retirement?

The first account you should open and fund is not an IRA (regular or Roth) or 401(k).

If you qualify, your first retirement account should be a Health Savings Account (HSA). Don’t let the name fool you. The HSA may be the ultimate retirement account.

Not looking to save for retirement?

You should still open an HSA, as you will see in this article.

Big Deal

The HSA is the only tax-advantaged account that gives you both

a tax deduction for the money you put in, and

tax-free withdrawals.

What’s an HSA?

The HSA is a tax-advantaged medical savings account much like an IRA that is paired with a high-deductible health plan. To have an HSA, your healthcare plan must have1

a minimum annual deductible of $1,400 for self-only coverage ($2,800 for family coverage), and

a maximum annual deductible of no more than $7,050 for self-only coverage ($14,100 for family ... Log in to view full article.