The health savings account market is growing rapidly, but employees are missing a much bigger opportunity to contribute to their retirement by building savings for healthcare expenses for the long haul.
Both HSAs and FSAs allow you to save for medical expenses by using pretax money to pay for qualified medical costs. But while they are similar in some ways, each offers unique features and benefits. Let’s examine some of the most significant differences.
Health Savings Accounts (HSAs) are a popular benefit that employers can offer to help their employees save and pay for qualified medical expenses. But an HSA can also act as highly effective wealth-building tool due to their unique — and powerful — tax benefits.
Health insurance is an important financial safety net, but it doesn’t cover everything. There are several out-of-pocket costs that you may be responsible for, even if you have health insurance. These costs can include deductibles, copays, coinsurance, and out-of-network services. In addition, health insurance may not cover all the medical care that you need.
Putting off healthcare can be tempting, especially if you’re feeling well or don’t have the money to pay for it. But there are a few reasons why it’s important to get the care you need, right when you need it.