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Consider A Health Savings Account

Posted by Admin Posted on Feb 19 2016

Consider a health savings account.  You need to have an insurance plan that qualifies for a health savings account.  Then you can set up a health savings account.  For 2016 a single taxpayer can contribute up to $3,350 plus $1,000 if you are over 54 years old and a married filing joint taxpayer can contribute up to $6,750 plus $1,000 if you are over 54 years old (each spouse can put in an extra $1,000 if they are both over 54 years old). 

Health savings accounts give you a tax deduction when you put money in and you can withdraw money tax-free if the withdrawal is for qualified medical & dental expenses.