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Health savings plans are fantastic tools that can lessen the burden of health care costs now and in the future when you retire. To qualify to contribute to a health savings plan, you must be enrolled in a high-deductible healthcare plan (HDHP). And, while the HDHP covers you for catastrophic medical issues, the HSA funds can be used for most other qualified medical costs. When used together, the HDHP and HSA can be incredibly beneficial in covering most of your health care needs.
When used in tandem with retirement funds, HSAs have the potential to significantly offset your retirement income, enabling you to use the HSA funds for medical expenses and your actual retirement funds for all else. In the face of rising health care costs at a time when you’re living on a fixed income, HSAs are worth their weight in gold.