Tax season can prove to be a lot like New Years, we wait in anticipation, set goals towards lifestyle changes, and plan to break bad habits all with hopes of becoming a new version of ourselves. Tax season is no different–many of us set financial intentions to save our refunds, invest in projects or dreams, or even plan to treat ourselves to a big purchase. While all of these are great, and it is true that we see an uptick in future financial planning during tax season, the one thing we tend to overlook is ourselves.
We know that all of this tax talk can be taxing, but it’s time to rethink our post-tax investment strategy.
Do you know what HSA’s and FHA’s are? Don’t panic, that’s why we’re chatting.
Health Spending Accounts “aka” HSA’s are really cool tax-investment tools that boast major benefits:
- Contributions made are tax-deductible, and if they’re contributed through a payroll system, guess what–they’re pre-tax dollars
- Any interest accumulated with your HSA is tax-free
- The best part is that HSA account owners can make withdrawals, tax-free for medical expenses that qualify under the HSA account
Flexible Spending Accounts “aka” FSA’s are specifically, employer-sponsored benefits that allow account holders to pay for certain medical costs on a pre-tax basis. If you rack up medical expenses that your standard medical plan won’t reimburse, an FSA could turn out to be your new best friend–allowing you the freedom to cover lingering medical expenses.
We know you’re wondering, “Is my HSA or FSA card good to use with Gentera?” and the answer is, it’s better than good, it’s pretty great. You can use your HSA and FSA cards with us on consultations, lab work, and supplements.
So, what are you gonna do now that you know how to use your tax dollars to invest in YOU?
We have an idea. Come see us at Gentera.