Funding your future health care needs

Make a plan for a health savings account

A little planning now can go a long way to help take care of yourself in the future. Did you know that there’s a way for you to start funding your health care needs in retirement – now? It’s called a Health Savings Account, or HSA.

What is an HSA? How do I get one?

[Graphic of a circle with a check mark inside] An HSA helps you cover healthcare expenses with tax-deductible funds you set aside from your paycheck.

[Graphic of a circle with a check mark inside] You need a high deductible health insurance plan. Ask you insurance company or HR department if you can open an HSA.

[Graphic of a circle with a check mark inside] For approved medical expenses only. There’s a 20% penalty for using HSA money for anything other than approved medical expenses.

What are the benefits?

[Graphic of a piece of paper with lines at the top and a dollar sign at the bottom] Tax-free savings. Your HSA contributions are fully tax-deductible and tax-free when you spend them on care expenses.

[Graphic of an open hand with a dollar bill in it] Your HSA balance belongs to you. Period. And any unused balance always rolls over each year – even if you change employers or retire.

[Graphic of line graph with an arrow trending upwards] Invest and grow. You can invest the money in your HSA for potentially higher growth – free of taxes.

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Ways to integrate an HSA into your retirement plan

Make the maximum contribution to your HSA.

If investing is right for you, you can invest it to try and accumulate more wealth.

If you can don’t use your HSA until you retire. Just forget it’s there, and it will keep growing until you really need it.

How does this strategy work?

[Graphic of a short stack of coins and a tall stack of coins with a dollar sign over the short stack] It maximizes your money. Save the maximum and you can create a tax-free source of money just for your health.

[Graphic of a dollar bill with a check mark in the bottom right corner] Tax-free withdrawals. Unlike some options, your HSA grows tax free and is still tax free when you spend it on qualified medical expenses.

[Graphic of a circle with a cross inside of it] It covers a lot. Medicare premiums, deductibles, eye care, dental work, and lots more. Your Health Savings Account provider can offer a complete list.

For more information on retirement planning, speak with your financial professional or visit livingconfidently.com/myretirementreality

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Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.

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EB017813 (09/22) 2022-142876 (Exp. 09/24)