There are many resources available today that are designed to help make each individual’s healthcare more affordable. One of these resources is a Florida health savings account. This is a tax-free account that you control and can use for purchases related to your personal health care. Here are a few advantages of maintaining this type of account.
Reduce Your Taxable Income
The funds you deposit into your health savings account or HSA is directly deposited before your income is taxed. This makes your contributions tax free, while also lowering the amount of taxable income you earn. This helps you keep more of the money you earn each pay period.
Lower Your Out-Of-Pocket Expenses
There are many medical services that your regular health insurance won’t cover, such as the office visit co-pay, some eye care services, and dental care treatments. You can use the money in your HSA to help you pay for these services rather than paying directly out of your regular checking account. This helps you keep more money without compromising your medical care needs.
Grow Your Wealth
Once your Florida health savings account reaches a certain amount, you may be eligible to invest those savings. You can invest in mutual funds, individual stocks, or bonds to help you grow your retirement wealth. Since the money in your HSA rolls over each year, it’s not very difficult to reach that benchmark for investing eligibility.