#021 – Reprise: Don't Fear The High Deductible is an encore presentation of our most popular show. Health Savings Accounts (HSAs) work with High Deductible Health Plans (HDHPs) save you the most money, period.
In order to open a Health Savings Account, you must be enrolled in an eligible High Deductible Health Plan. Most people see High Deductible and get scared away. High Deductible Health Plans go as low as $1,400 for an individual in 2021 and $2,800 for households with two or more.
Learn more about HSA and HDHP limits for 2021
Don't Pay Tax And Keep Money In Your Pocket
Money deposited in a HSA account is not taxed.
Money deposited in a regular savings account (or checking or investment account) is taxed – often referred to as after tax because Uncle Sam takes his tax out of your paycheck and what is left is after tax.
Learn more about Health Savings Accounts here
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Next episode we'll take another look at why you get your health insurance through your employer….