Health Savings Account — benefit the wealthy

In Healthcare, Taxes, Uncategorized On
- Updated

But there’s one thing they do know for sure: Republicans want a whole lot more of us to have health savings accounts.

There’s a great deal to like about these accounts, which you can open and contribute to only if you are enrolled in a health insurance plan that has a pretty high deductible. They offer a rare triple threat to the tax man: You get a tax break on the money that goes in. You pay no taxes on the money as it grows, potentially over decades. Finally, you pay no taxes when the money comes out, as long as you use it on a long list of health expenditures.

Seems like magic, right? Well, it works nicely just as long as you can afford to save in the first place . . .


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