Planning for your retirement? Whether you participate in an employer plan or an individual retirement account, your goal is probably to be financially independent. That can mean one of your investment tools is a health savings account in Idaho.
Investment tool? Yes, a health savings account (HSA) is an investment. Or it can be.
What is an HSA
Typically, an HSA is a type of savings account that allows contributions with pre-tax dollars to pay qualified medical expenses, such as:
- deductibles
- copayments
- coinsurance
- and other expenses
Your HSA can be more than a savings account, though. The money in the account can grow tax-free and provide a for medical costs in retirement or can be used for any purpose after age 65 incurring only ordinary income tax.
Wealth-Building Strategy
To have an HSA, you must have a high deductible health plan (HDHP). There are a couple of types of HDHPs your health insurance provider will inform you about.
Once you start funding your HSA you can direct how the funds will be invested. The HSA acts like an IRA allowing you to save even more tax-free money for retirement. Did you know, for example, that you can use your IRA (your self-directed HSA) to invest in real estate?
Use the link below to discover how you can put your retirement plan to work through a self-directed IRA.
Call Today to Get Started
For more information about a health savings account in Idaho, visit the website or call them and start building your ultimate retirement machine today.
