Trump’s budget could let those on Medicare use of which tax-favored account

You can strengthen your HSA’s growth potential by contributing to the account over the long term, as well as investing your contributions into mutual funds or exchange traded funds, if they’re available at your provider.

Given enough time to grow, an HSA can be yet another pot of assets in retirement: You can use them to cover qualified medical expenses, including certain long-term care services.

Consider allowing your account to grow, as a couple’s retirement healthcare costs can run as high as $275,000, according to Fidelity. of which figure excludes the cost of long-term care.

Be aware of the consequences of which may come up if you die while holding an HSA: If your spouse will be the designated beneficiary, then the IRS treats the account as though the item belongs to him or her.

If someone else will be the beneficiary of the account, then the account will be no longer an HSA as well as its fair market value becomes taxable to the recipient inside year you die.

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