Anytime I try to do my benefits the description isn’t helpful in explaining why it’s such a good investment move, aside from stating the obvious that it saves money incase you need it. Do I have to invest it? Or do you just let it sit? I’m confused
In: Economics
Money set aside into a HSA is not taxed as income. So if you set aside $2000 into your HSA to cover medical expenses and you’re in the 22% tax bracket then you’d save $440 in taxes.
If you’re just setting aside money to spend for current year medical car you can just leave it in cash, but there are ways to invest it were you looking to save up more money for future expenses, eg. a non-covered medical procedure.
Latest Answers