If you have a high-deductible health plan at work, you probably have a health savings account along with it, too. Though so-called HSAs bring a bevy of tax advantages, many investors aren't using them to their full potential.
High-deductible health insurance plans are often coupled with a health savings account, or HSA, a tax-advantaged account you can use to save and pay for medical expenses.
In 2018, only 6% of HSA users invested their balances in something other than cash, according to the Employee Benefit Research Institute.Investing a pot of tax-free cash for medical expenses is a great idea, with apparently few takers. You can contribute to an HSA on a pretax or tax-deductible basis and have your savings grow free of taxes over time. You can also take tax-free distributions to cover qualified medical expenses.
As attractive as these features may be, few people are maximizing their options, according to data from the Employee Benefit Research Institute.
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