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The Truth About Protecting Your IRAs and 401(k)s by Steve Weisman

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Truth 43 Health savings accounts

A Health Savings Account (HSA) is a tax-advantaged way to provide for the payment of medical bills while potentially providing another tax-advantaged way to save for retirement similar to a traditional IRA.

HSAs are the new kid on the block, but they appear to have more staying power than the boy band The New Kids on the Block. The law permitting HSAs has only been around since 2003, and many people are still unaware of the many advantages of HSAs. People under the age of 65 who purchase medical insurance with a high deductible amount—which for 2009 was at least $1,150 for single person coverage and at least $2,300 for a family policy—are eligible for an HSA. A person with an HSA can make a tax-deductible ...

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