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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
Health Savings Accounts (HSAs) are unique in that besides helping you manage healthcare costs effectively, they also offer triple tax advantages: Contributions are tax-deductible, growth is tax-free, and withdrawals for qualified expenses are tax-free.
An HSA is a tax-advantaged savings account that helps individuals save for qualified medical expenses. To be eligible for an HSA, you must be enrolled in a High Deductible Health Plan (HDHP), which has specific minimum deductible and maximum out-of-pocket expense limits defined annually by the IRS. (See the table below.) Additionally, you can't be enrolled in Medicare or claimed as a dependent on someone else's tax return.
Many HSAs offer investment options that can potentially yield higher returns than traditional savings accounts. This means you can grow your HSA funds over time, maximizing their utility. Once you reach age 65, HSAs can be used for non-medical expenses without penalties (though income taxes will apply). This makes HSAs an excellent supplement to retirement savings.
Interest rates on HSA accounts vary significantly; some providers offer competitive rates akin to traditional savings accounts, while others provide the opportunity to invest in stocks, bonds, or mutual funds. Navigating the intricacies of HSAs can be overwhelming. Working with a trusted financial professional can provide tailored insights and strategies to help you integrate an HSA into your broader planning efforts.
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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.