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The NASE has partnered with The Bancorp Bank to offer a Health Savings Account, or HSA, a tax-exempt account to help you save money to pay for qualified medical expenses for the entire family. Most people who are covered under an IRS qualified High-Deductible Health Plan (HDHP) can open and contribute to an HSA.
HSA Advantages:
Tax Deductible Contributions and Distributions
Deposits to your HSA will reduce your taxable income for the year, even if you don’t itemize your taxes. The money can be 100% tax deductible, up to the IRS maximum. Withdrawals made for qualified medical expenses are tax-free. Visit www.irs.gov for a complete list of qualified medical expenses.
Unused Contributions Rollover
Any unused contributions made in a given calendar year can remain in the account and earn interest until you need it – whether that’s next month, next year, or in 10 years. At the age of 65, the account can be used as retirement savings or continue to be used for medical expenses, you decide.
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