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Anthony J. Bardi
Registered Representative
Enrolled Agent, LTC# 454
Tax and Financial Solutions, Inc.
151 SE 223rd Avenue
Gresham, OR 97030
Phone: 503-666-7909
May/June 2025
ABCs of HSAs
Although health insurance deductibles and other out-of-pocket costs continue to rise, one good thing has come out of this recent turmoil: Health Savings Accounts (HSAs). Consider taking advantage of this tax-saving opportunity to pay healthcare bills.
Triple Tax-Free
The bold-faced headline about HSAs is they are triple tax-advantaged. Contributions are deducted from your pay pre-tax, earnings on your HSA balance grow tax-deferred and distributions for qualified medical expenses are tax-free. You can use your HSA to pay for co-payments and deductibles, prescription drugs and lab work, and imaging and physical therapy today, next year and even in retirement.Extra Help
The ability to roll over an HSA account balance from year to year can be especially helpful in retirement when healthcare expenses can consume more of your budget. If you don't need your HSA money for healthcare, you can take distributions for non-health reasons beginning at age 65 and pay only income tax on the amount.However, if you take distributions for a non-medical reason before age 65 you'll incur a 20% tax in addition to regular income taxes on the amount withdrawn.
The IRS has set the individual HSA contribution limit for 2025 at $4,300 and for families at $8,550, with an additional $1,000 catch-up contribution for those aged 55 and older.
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Tax and Financial Solutions, Inc. and LTM Marketing Solutions, LLC are unrelated companies. This newsletter was created by LTM Marketing Solutions, LLC and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Cetera Wealth Services LLC or its subsidiaries. Securities offered through Cetera Wealth Services LLC, member FINRA/SIPC. Advisory services offered through Cetera Investment Advisers LLC, a registered investment adviser. Cetera is under separate ownership from any other named entity.
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