You have to admit the fact that medical expenses are increasing day by day. At this moment, not having a health insurance is a great mistake. Health insurances are already quite tax saving as they come with the tax-deductible facility. To make things easier for you, there is HSA or Health Savings Accounts. You will find such service providers, like livelyme who can meet all your queries regarding this issue. There are lots of benefits you can get once you enroll yourself in having an HSA-qualified insurance policy. You can put your amount into your account and you don’t need to pay any tax. And when you withdraw your cash that is also tax-free. But, what you need is to know useful tips to maximize your HSA.
- Follow the Last-month Rule
The last-month rule is eligible for those account holders who are eligible to pay the entire yearly maximum on the first day of the last month according to their coverage type. For this, you need to go through a testing period where you must be enrolled in an HDHP plan.
- Get Coverage for Your Spouse and Kids
Don’t they have an HDHP plan? Doesn’t matter. If you have the coverage, they will automatically come under the coverage of yours. You will get the payment back for your spouse and kids for their medical expenses that include dental, vision and other medical costs.
- Know the HSA/FSA Stack
It is true that you can’t use your old flexible spending account once you have HSA. But, if your aim is to maximize tax benefits, you can stack your HSA with Limited Purpose FSA.
Hopefully, you get effective tips on how to use your HSA and maximize it. Go for more detailing in websites of the service providers, like livelyme.com and open an account.