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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). A benefit that is similar to a 401(k) plan, HSAs are growing both in the number of accounts and average contributions made to them.Trending Up
In 2016, HSAs covered between 20.2 million and 22.6 million people, according to research from the Employee Benefit Research Institute (EBRI). Counting employer and employee contributions, the average balance soared from $1,604 to $2,532 in 2016.
This growth is an important statistic because HSAs allow account balances to roll over from one year to the next. It is just one of the features that is making this healthcare savings vehicle an attractive employee benefit.
However, you’ll pay income tax and more if you take distributions for a non-medical reason before age 65. Distributions in this case would be subject to income tax and a 20% federal tax penalty on the amount taken.
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