It’s challenging to find a tax break more agreeable than the health savings account. An HSA is a smart way to prepare for future medical expenses while building a nest egg of tax-free savings.
It’s essential to care for your health every day, and it’s equally important to plan for your health down the road. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided help with changes to HSA covered medical costs. The CARES Act made it possible for HSA owners to pay more expenses using their account. For example, Telehealth service costs you may incur as a result of the pandemic are now included in HSA qualifications for those with a high-deductible health plan paired with an HSA.*
One of the simplest changes is that more over-the-counter drugs, like pain relievers, can be purchased using an HSA. Other expenses that can be bought with a Health Savings Account include:
Whether you use the money for immediate healthcare expenses or invest it for your healthcare expenses in retirement, an HSA is a smart way to save. Invest in your wellness—it’s worth it!