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Bank > Health Savings Accounts > Advantages of a Health Savings Account
Advantages of a Health Savings Account

A Health Savings Account has so many advantages!

To name a few:

It encourages saving for future medical expenses.
It can be used to pay for medical expenses after retirement.
It can be used to pay out-of pocket Medicare expenses.
It can be used to pay for insurance coverage after Medicare enrollment.
It can be used to pay for long-term-care expenses.
You decide how much to contribute, which expenses to pay for from the account, and whether to pay qualified expenses from the account or let the money accumulate for future use.
HSAs are completely portable.
There are no "use it or lose it" rules.
They have favorable tax treatment - interest earned on eligible account balances is tax-free, eligible contributions qualify for both federal and state deductibility (consult your tax adviser), and funds used for qualified medical expenses are tax-free.

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