Good News: You Get More Time to Fund Your 2019 HSA
Though not everyone is eligible to participate in a health savings account, or HSA, it's a smart option for workers with a high deductible health insurance plan who qualify. The reason? HSAs offer serious tax benefits. For one thing, contributions go in on a pre-tax basis, which means that any funds you put in represent income the IRS can't tax you on. Secondly, HSA funds don't expire, and any money you don't need immediately can be invested for tax-free growth. Finally, HSA withdrawals are tax-free as long as they're used for qualified healthcare expenses.
Right now, you have plenty of time to fund your 2020 HSA. But if you missed the boat on contributing to last year's account, here's some good news: You actually have three-and-a-half months to put money into your 2019 HSA.
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Source Fool.com
