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What Are the Advantages of Using an HSA?

The Health Savings Account lets you save money out of your paycheck on a pretax basis to pay for medical expenses. This can result in a large financial gain. For an individual contributing the maximum amount, the savings can be up to $2,150 a year. Using pretax dollars to pay for expenses reduces your taxable income. At the same time, premiums are often lower for High Deductible Health Plans than for traditional healthcare plans.

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