Guidelines for planning for rising healthcare expenditure in 2022

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By  Gyaanly

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Individuals with high-deductible health insurance policies can use a health savings account (HSA) to lower out-of-pocket payments.

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HSA donations are not subject to federal income tax, and gains in the account grow tax-free.

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Unused funds in an HSA rollover at the end of the year, making them available for future medical expenses.

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This is not the situation with flexible spending accounts (FSAs), which are "use it or lose it."

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There are several disadvantages to using an HSA to pay for non-qualified costs before age 65.

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You will have to pay income taxes as well as a 20% penalty. When you reach the age of 65, you will owe taxes but not the punishment.

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High deductible health plans (HDHPs) are required for HSAs, but they are not always the best option.

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The monies you deposit into your HSA have no expiration date and will be available continuously.

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You cannot use your HSA to pay for health insurance premiums in general, but you may for Medicare premiums.

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If your HSA includes a brokerage account, you can not only save but also earn money.

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