How an HSA Can Build Wealth and Slash Taxes

Millions of workers pick their job benefits this month. Most people look at monthly costs and move on. Savvy savers look for a special tool called a Health Savings Account.

You get an HSA when you pick a high-deductible health plan. This account gives you powerful tax perks. Money goes into the account before taxes. Your investments grow tax-free. You also pay zero tax when you spend the cash on medical care.

Many people spend this money right away on medicine or clinic visits. Smarter savers treat the account like a retirement fund. They pay small bills out of pocket today. Then they invest their HSA cash in the market and let it compound.

This move turns a health plan into a wealth builder. When you retire, you can spend the money on healthcare without tax bills. Check your open enrollment options today to see if you qualify.

Source: CNBC