A Health Savings Account (HSA) is a tax-advantaged account created for or by individuals covered under high-deductible health plans (HDHPs) to save for qualified medical expenses. Contributions are made into the account by the individual or their employer and are limited to a maximum amount each year. The contributions are invested over time and can be used to pay for qualified medical expenses, such as medical, dental, and vision care, as well as prescription drugs.
In addition, with the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted into law in response to the Coronavirus pandemic, HSA funds can now be used for over-the-counter medications without a prescription, as well as certain other health-related products.
Account holders who are unsure about what expenses qualify should check with their HSA administrator or pharmacist.
As mentioned above, people with HDHPs can open HSAs. Individuals with HDHPs may qualify for HSAs and the two are usually paired together. To qualify for an HSA, the taxpayer must meet eligibility standards set out by the Internal Revenue Service (IRS). An eligible individual is someone who:
has a qualified HDHP
has no other health coverage
is not enrolled in Medicare
is not claimed as a dependent on someone else’s tax return
The maximum contribution for an HSA is $3,600 for an individual and $7,200 for a family in 2021. The annual limits on contributions apply to the total of the amounts contributed by both the employer and the employee. Individuals 55 years or older by the end of the tax year can make catch-up contributions of an additional $1,000 to their HSAs.
M1 & Other Investing Resources
https://m1.finance/TjGme7YgPH-b
https://act.webull.com/pm/AfSdHcj7oap...
https://www.thecalculatorsite.com/fin...
https://www.franklintempleton.com/fin...
What I Use for Budgeting:
https://www.personalcapital.com/
https://www.truebill.com/
http://refer.amex.us/WESLECF6jM?xl=cp15
If you want help setting up a portfolio service, a budget, or just want recommendations on what to do in a certain situation; feel free to comment or message me using one of the links bellow!
@InvestwithWesley (FB)
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DISCLAIMER: Although I am a Registered Investment Advisor, no statements made during this video should be taken as advice or recommendations since I do not know your specific situation, goals, or the suitability of said investments within your portfolio.