Could a Health Savings Account help you?                                                  

Get triple tax benefits with HSAs                                                

Could a Health Savings Account help you?                                                            

The tax benefits of a Health Savings Account (HSA) provide an excellent way to minimize your health costs . . . and save for retirement at the same time. With an HSA, you can:

  • Make tax-free annual contributions to your account
    • Earn tax-free interest and investment results
    • Take tax-free distributions for qualified medical expenses
    • Use any leftover money as a retirement account after age 65                                                              

Your money is safe in an FDIC-insured HSA account, and savings accumulated for your health care can be used as a retirement fund after you turn 65.  When unexpected illness arises, you won’t be caught short-handed with an HSA account. Your Health Savings Account allows you to:

  • Save money and pay less for healthcare                                                                                            
  • Contributions to an HSA are tax deductible, so you’ll pay less for health expenses.
  • Build a health safety net
  • You can roll over unused funds from year to year. There’s no “use it or lose it” policy.
  • Use your HSA as a personal 401k plan
  • After age 65, you can use the money for non-health related expenses, paying only income taxes on it with no penalty! On death, funds may be transferred to your spouse’s account tax-free.

Essentially, Health Savings Accounts allow you to save money on an income tax-free basis to help cover future medical bills. Money in your HSA is yours to keep forever — whether you change employers or change health plans. You earn tax-free interest and can take tax-free  withdrawals for qualified medical expenses. You are eligible for an HSA if:

  • You’re covered under a Health Savings Account-qualified HDHP (High Deductible Health Plan)
  • You don’t have / aren’t eligible for an FSA (Flexible Spending Account) funded by employer
  • You aren’t claimed as a dependent on someone else’s tax return
  • You aren’t enrolled in Medicare.

2022 HSA Contribution limits – $3,650 for Individuals and $7,300 for families (add an additional $1,000 per person if over age 55).

After you enroll in an HSA-eligible HDHP, open your Health Savings Account at              Then, research HSA providers online, or check with your health insurance company to see if they partner with HSA financial institutions.

Need help? Email Ron Van Surksum, CFP(R) , at

Manage Your Money . . . financial tips from:

AAM Fee-Only Financial Planning & Investment Advisory LLC              

Follow our blog:                          

Ronald Van Surksum, CFP                

4555 Wilson Ave SW – Suite 2               Grandville, MI 49418                                      

Phone: (616) 531-5220                            Cell: (616) 450-8439                               

For permission to reprint:      10-01-22