Assuming you have a qualifying health insurance plan, a health savings account (HSA) can be a great way to invest pre-tax money. The 2012 contribution limits for an individual is $3,100 and $6,250 for a family. If you are 55 or older then you are allowed to contribute an extra $1,000. With regular contributions, HSA’s can be a great way to pay for doctor visits, prescriptions, etc. Because HSA money will roll over to the next year, you don’t have to deplete the account. Contact me today to see if an HSA is best for you and your family.
Authored by: Scott Flowers, LPL Wealth Advisor