Maximizing Savings with Health Savings Accounts

Dr. Friday Tax Tips
Dr. Friday Tax Tips
Maximizing Savings with Health Savings Accounts
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In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday emphasizes the enduring value of Health Savings Accounts (HSAs) for both single and married individuals. For 2023, the contribution limits are set at $3,850 for singles and $7,750 for married couples, with an additional $1,000 allowance for those over 55. Dr. Friday highlights the tax-free benefits of contributing to and spending from HSAs, underscoring their significance in a comprehensive tax-saving strategy. Though not an insurance seller, Dr. Friday urges listeners to consult with their insurance advisors to fully leverage HSAs’ benefits. Catch more tax-saving tips on the Dr. Friday Call-In Show every Saturday on 99.7 WTN.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.

Health savings account, contribution deductions, HSA, you’ve heard me talk about before. I will not stop talking about them. In 2023, we can contribute $3,850 as a single person, $7,750 as a married. Plus, if you’re over the age of 55, you can do another $1,000. And again, in 2024, it’s went up again. So what’s so important about HSAs? We save tax free, we spend it tax free, it’s all a part of the big package. Now, I don’t sell insurance, guys, and you need to talk to your insurance advisor, make sure it works. But I can tell you this, it is a great way to save taxes.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.