Today on the Finance Flash Go! podcast, we’ll talk about health savings accounts or HSAs!
Health savings accounts (HSAs) are accounts where you contribute tax free money to be used towards health care expenses. And, while in the account, it grows tax free and is withdrawn tax free, so long as it goes towards health care expenses.
Triple tax free – no other account does that!
The extra nice trick is that you don’t need to withdraw money to pay for health care expenses right when they are due.
Also, you can save the receipt for a health expense in 2021 and withdraw the money from your HSA in 2050 tax free using your saved receipt after it has had 30 years to benefit from compound interest growth.
That’s why it is often referred to as a Stealth IRA.
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