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Phone: 303-252-0852
Website: www.walshfinancialsolutions.com
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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Advisory Services offered through Walsh Financial Solutions or Vanderbilt Advisory Services. Securities offered through Vanderbilt Securities, LLC. Member FINRA, SIPC. Registered with MSRB. Walsh Financial Solutions and Vanderbilt Securities, LLC are separate and unaffiliated entities. Clearing agent: Fidelity Clearing & Custody Solutions. Insurance Services offered through Vanderbilt Insurance and other agencies. Supervising Office: 125 Froehlich Farm Blvd, Woodbury, NY 11797 631-845-5100
For additional information on services, disclosures, fees, and conflicts of interest, please visit www.vanderbiltfg.com/disclosures
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