Savings Day – HSA’s
It’s Savings Monday! Do you have a health savings account? It’s possible you’re not maximizing the benefits!
A health savings account, otherwise known as an HSA, is a tax-advantaged savings account that helps you pay for medical expenses. It’s paired with a high-deductible health plan available for use now and in the future.
Once your deposits reach a certain amount you can change it into an investment account with the hope of growing the funds for future medical benefits.
The money is yours even if you get a new job or health plan. You can roll it into your new plan or just leave it alone, and the balance rolls over year-to-year giving you freedom to build on the leftover sum.
There are 3 tax benefits. You’re not taxed when you transfer money to your HSA, it grows tax-free, and if you use the money to pay for medical expenses, you’re not taxed.
Consider the fact that medical expenses are high for the average retiree, an HSA is a great way to build a medical investment/savings account.
When you turn 65, you become eligible for Medicare. Once you enroll, however, you can no longer contribute to your HSA, but you can pay your Medicare premiums with your HSA funds.
So, the earlier in your working life you start maxing out your HSA the greater the longterm benefits.
Savings provide margin for you to bless the Kingdom. Jesus promises rewards for those whose hearts are aligned with His. When we focus on expanding His Kingdom, we’re storing up for ourselves riches too wonderful to even comprehend.
Now if you want to increase your savings, you should access the Crown studies and online tools. They’ll help you on your spiritual and financial journey. Find out more at crown.org.