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Health Savings Accounts 101 (HSA)

HSAs In Relation To Other Health Or Retirement Plans

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If you have an HSA, you still can contribute to an IRA, a 401(k) and a FSA

Earnings in an HSA grow tax-free, just like a 401(k) or an IRA. Unlike them, you can dip into an HSA at any age - tax-free- to pay for medical expenses, including your deductible and co-payments and many charges that typically aren't covered by health insurance.

IRA: You can exclude from your gross income a qualified HSA funding distribution from your individual retirement account.

FSA and HSA: You cannot have both an HSA and a FSA if you use the FSA to pay health care costs with pretax dollars. However, if your FSA restricts reimbursements to wellness care (such as annual physicals) and vision and dental care, you can have both an HSA and an FSA.

You cannot double dip between the two accounts.

You can ask your employer to transfer the funds in your FSA or HRA to an HSA.

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