Health Savings Accounts
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Many people have access to either a flexible spending account or a health savings account at work. Each type of account comes with its own distinct set of rules, but experts agree that both are an employee benefit you should take advantage of when you have the opportunity. Contributions to these accounts lower your tax liability and help you save to pay for medical expenses during the year.
This article from USA Today includes a video that explains health savings accounts:
http://www.usatoday.com/story/money/personalfinance/2013/09/24/high-deductible-health-care-plans/2848181/
More information about health savings accounts can be found at www.eXtension.org:
http://www.extension.org/pages/68600/is-a-health-savings-account-hsa-a-good-idea-what-are-the-advantages-and-disadvantages
Many employers contribute to health savings accounts on an employee’s behalf, optimizing the contribution made by the employee. Funds in a health savings account may earn interest, which accrues tax free until used to pay medical expenses.
Score a triple play with your health savings account enrollment!