How to Build Health Savings

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There are many ways to save for your financial health future. Use an HSA for a direct path to automated tax-free health savings.

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There are many ways to save for your financial health future. Use an HSA for a direct path to automated tax-free health savings.

Save Early & Often

The easiest way to save the most money for your HSA is to start early. The easiest way to do that is utilizing automated HSA payroll contributions. Set it up once, and forget about it. This allows you to maximize your HSA contributions and see your HSA funds grow and grow, year over year.

Spending Wisely & Leverage Tax Benefits

An HSA has a dual savings purpose – to save for qualified out-of-pocket medical purchases for both the short-term and long-term. Balancing these savings options will help you maximize short-term tax-free savings and a healthy HSA investment for retirement. Be conscious of these options to see what works best for you.

Find the Best HSA (Low Fees – Administration and Investments)

With all of this effort, it would seem silly to let high HSA administration fees steal money from your financial future. This goes double for HSA investment fees, which can limit the growth of your HSA money for the long term. If you need some help, Lively’s HSA is free for individuals with no hidden fees!

Get Lucky (HSA Employer Contributions)

33% of employers contribute to employee HSAs, we aren’t at 50% just yet, so you need a little luck to get there. If your employer does contribute to your HSA, make sure you take advantage of that free health savings money. Better yet, if your employer doesn’t contribute, let us and know we will send them some information for why they should!

Being conscious of your health savings options. Couple these with automated savings and maybe even a little luck will get to your financial health future, sooner than you might expect. Use an HSA to your advantage and save.

Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.