Open enrollment for 2025 ACA (Affordable Care Act)-compliant health insurance is just around the corner. Let’s take a look at the various changes that consumers should be aware of this fall.
A health savings account is a tax-advantaged savings account combined with a high-deductible health insurance policy to provide an investment and health coverage. Deposits to the HSA are tax-deductible and grow tax-free. Withdrawals are always tax-free if they're used for qualifying medical expenses, although they account can be used like a traditional IRA after age 65, with withdrawals subject to regular income tax.