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The Penny Hoarder - 5 Smart Ways to Use your HSA

Matt Hylland was recently quoted for an article in the Penny Hoarder about utilizing an Health Savings Account (HSA). 

HSA's are the only account that can potentially offer "triple tax advantage" to savers. If sued appropriately, contributions go into the account pre-tax, savings grow tax free within the account, and withdrawals are tax free if used for qualified expenses. For that reason, so certain people, an HSA should be one of their highest priorities for saving.

The best place to start is maxing out your HSA every year.

“A dollar saved today in an HSA has the potential to grow much faster and with better tax efficiency than other accounts,” said Matt Hylland of Hylland Capital Management.

At a 6% growth rate, someone saving the maximum of $3,450 a year for 30 years would contribute just over $100,000 to their account. But thanks to compounding interest, the account would grow to nearly $290,000!

Historically, HSA contribution limits have risen about $50 every year, so your account could be worth even more than $290,000 after 30 years if you max it out every year.

 

The entire article can be found here: https://www.thepennyhoarder.com/smart-money/hsa-benefits/ 

Matt Hylland