These 50 Tips Will Help You Save Money For Your Health

Get a Triple Tax Break From a Health Savings Account

If you have a high-deductible health insurance policy, you can take advantage of a triple tax break: Contribute pretax (or tax-deductible) money to a health savings account, which in turn grows tax-deferred and can be used tax-free in any year for medical expenses.

To qualify, you must have an HSA-eligible health insurance policy with a deductible of at least $1,300 for single coverage in 2017 or $2,600 for family coverage. You can contribute up to $3,400 to the HSA for 2017 if you have single health insurance coverage, or $6,750 for family coverage, plus an extra $1,000 if you’re 55 or older. You can use the money for out-of-pocket medical expenses, including deductibles, co-payments, prescription drugs, vision and dental care, and other expenses—either now or in the future – for yourself and your spouse as well as your tax dependents.