Health Savings Account
I'm learning about a health savings account and wanted to ask if anyone here is enrolled in one? It sounds almost too good to be true.
- You put pre-tax money into the account, the money in the account is invested, similar to a 401k, and the earnings from that investment are tax-free.
- Eventually, the account will grow to a large balance and you can make payments against medical expenses using the % earned on the account.
- You can take funds out of the account but you'll have to pay taxes on whatever you take-out. For any medical related expenses you an use money from this account TAX FREE.
From my understanding, the only pitfall is that an HSA plan has a high deductible, like 7-8 grand so if you're unhealthy or plan on visiting a specialist multiple times in a year, it might not be worth it to enroll in the plan.
Is there anything else that I'm missing regarding the cons of an HSA?
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