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Robert Harding Financial Group
18301 North 79th Avenue D-149, Glendale, AZ 85308
Phone: 623-977-9823
Fax: 623-977-0181
Toll Free: 800-977-9823
WE OFFER INDEPENDENT UNBIASED NO-STRINGS-ATTACHED
FINANCIAL ADVICE. WE ARE COMMITTED TO YOUR FINANCIAL FUTURE!
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for a non-medical reason before age 65 you'll incur a 20% tax in addition to regular income taxes on the amount withdrawn.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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Securities and Investment Advisory Services offered through Geneos Wealth Management, Inc. Member FINRA/SIPC.
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