MAY 1, 2018 • By BEN MATTLIN for Financial Advisor
Health savings accounts are among the best savings vehicles out there. Money that goes in can be deducted from federal income taxes, grows tax-free and can be withdrawn tax-free at any time if used for qualified medical expenses.
But for many retirees, one of the biggest expenses is long-term care—the ongoing need for the elderly to pay for help with the basic tasks of daily living. It’s not typically covered by medical insurance, but is it a qualified medical expense for an HSA?
The answer is yes, but there are a number of considerations to take into account to avoid taxes and penalties. Read more