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HEALTH SAVINGS ACCOUNT
SPONSOR: http://www.CertifiedMedicalPlanner.org
By Staff Reporters
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DEFINITION: A Health Savings Account (HSA) is a tax-advantaged account created for or by individuals covered under high-deductible health plans (HDHPs) to save for qualified medical expenses. Contributions are made into the account by the individual or their employer and are limited to a maximum amount each year. The contributions are invested over time and can be used to pay for qualified medical expenses, such as medical, dental, and vision care and prescription drugs.
CITE: https://www.r2library.com/Resource
THE “CON”
A Health Savings Account [HSA] can be a good or bad investment to pass on, depending on who the estate planning heir is in relation to you. If you leave it to a spouse, they’ll be able to continue using the money for medical expenses with no taxes or penalties, said Pam Horack, CFP at Pathfinder Planning LLC of Lake Wylie, South Carolina.
“However, if you leave an HSA to your child, estate or other organization, it may be considered income in the year it is received,” she said. “They are not allowed to use the tax advantages for their own healthcare and the income could inadvertently throw your heirs into a higher tax bracket.”
MORE: https://www.irs.gov/pub/irs-pdf/p969.pdf
COMMENTS APPRECIATED
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Filed under: "Ask-an-Advisor", Accounting, CMP Program, Estate Planning, Experts Invited, Health Economics, Health Insurance, Healthcare Finance, Taxation | Tagged: Certified Medicakl Planner, CFP, CMP, health savings account, HSA, Pam Horack |
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