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Improving Your Financial Life

Blog > 2010 > April > How Safe Is The Money In Your HSA?
April 22, 2010

How Safe Is The Money In Your HSA?

by admin

medical savings accountEven when you switch jobs, the money in your HSA is yours. The money that is contributed to the HSA account is as safe as putting it in your individual savings account. The money from the account can also be used for medical treatment anywhere in the country or in another country.

The money that you have in your HSA accounts can also be used to pay for health insurance premiums and may be tax deductible.

Individuals who are over the age of 65 will be able to withdraw money from the account, and it is only taxed as ordinary income. The funds in the account under all circumstances remain with the individual and will never belong to the insurance companies or to the employer, even if the individual changes his/her job.

Category: FCFCU
Your savings federaly insured to at least $250,000 and backed by the full faith and credit of the United States Government: NCUA, Equal Housing Lender, ESI