Maximize Your Savings with a Health Savings Account (HSA) in 2024!
Discover the triple tax advantages of a Health Savings Account (HSA). Learn how pairing it with a high deductible health plan can help you save, grow, and withdraw money tax-free for qualified medical expenses. In 2024, contribute up to $4,150 for individual coverage or $8,300 for family coverage, with an additional $1,000 catch-up contribution if you're 55 or older. Unlike flexible spending accounts, HSA funds roll over year after year and can be used to pay for Medicare premiums in retirement. Contributions also reduce your taxable income. For more tax-saving strategies and expert advice, visit ASKRALPH.COM. Don’t forget to like and subscribe for more insights.
00:00 Introduction to Triple Tax Advantage
00:01 Understanding Health Savings Accounts (HSAs)
00:14 Contribution Limits for 2024
00:27 Unique Benefits of HSAs
00:43 Tax Benefits and Savings
00:47 Conclusion and Further Resources
