When selecting a health plan for the year, whether through an employer or independently, you may have the option of choosing a high-deductible plan that allows you to contribute to a Health Savings Account, or HSA. It is worth evaluating that choice carefully, since there are plenty of misconceptions about how HSAs work — along with several real advantages.
HSAs come with a valuable triple tax benefit: contributions are tax-deductible, the account can grow tax-deferred, and withdrawals for qualified medical expenses can be made tax-free.
Below are 10 of the most widespread HSA myths, along with the facts.
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