Health savings accounts offer triple tax advantages and potential long-term retirement benefits. everydayplus/Shutterstock
A health savings account (HSA) can help you cover qualified health care expenses tax-free. This may become especially important during retirement. In fact, a 65-year-old retiring today could spend $172,500 on health care in retirement, according to a study by Fidelity Investments.
But beyond its distinct tax benefits, an HSA can also serve as a secret weapon in your retirement savings arsenal. So let’s begin by exploring the basics of an HSA and how to get one.
HSA Benefits
If you have a high-deductible health plan, you can pair it with an HSA. An HSA offers three key tax benefits.
