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2021 Tax Planning Guide
Health Savings Accounts
Some limits increased for Health Savings Accounts (HSAs) and their companion High-Deductible Health Plans (HDHPs).
*Combined employer and employee contributions
HDHPs now cover remote health care services and costs of COVID-19 related testing and treatment before the annual deductible is met. HSAs now cover menstrual care products and over-the counter products and medications.
HSAs are triple tax-advantaged with tax-deferred contributions, tax-free potential earnings and tax-free withdrawals for qualified medical expenses, and you can roll over any balance to the next year. Nonqualified withdrawals incur a tax penalty, but that disappears at age 65, when you can take withdrawals for any reason (just pay income tax on the nonqualified amount).
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