A Healthy Way to Increase Your Retirement Savings: HSAs

If you don't like paying taxes, health savings accounts could be a way to save for your health costs… and for retirement, too.

Opening a health savings account (HSA) offers a triple tax advantage. The catch is they are not available to everyone. To qualify you must be in a high-deductible health insurance plan (HDHP), you can't be enrolled in Medicare, and you can't be participating in another health insurance plan. Unlike an IRA contribution you do not have to have at least one spouse with earned income to qualify.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Mike Piershale, ChFC
President, Piershale Financial Group
Mike Piershale, ChFC, is president of Piershale Financial Group in Barrington, Illinois. He works directly with clients on retirement and estate planning, portfolio management and insurance needs.