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Information related to Coronavirus (COVID-19) here.

Announcement 2

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ACCOUNT TYPE

Health Savings Account (HSA)

A Health Savings Account (HSA) provides the unique opportunity to enjoy tax-deferred contributions and tax-free distributions, all while saving up for future medical expenses.

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AT-A-GLANCE

What should you know about a Self-Directed HSA?

Tax Benefits

Other Benefits

DISTRIBUTION RULES

What should you know about HSA distributions?

Minimum Distribution Facts

Early Distribution Facts

BELOW AGE 59½ AGE 59½ - 72 AGE 72 OR OLDER
You may distribute cash or assets from your Traditional IRA at any time, though a 10% early distribution penalty will apply. This penalty will be assessed on top of any applicable taxes. Upon reaching age 59½, you will no longer have to worry about the 10% early distribution penalty. Withdrawals will be taxed as regular income and need only occur at your election. You must begin taking required minimum distributions (RMDs) every year. RMDs are calculated in accordance with your age and your account value.
BELOW AGE 59½
You may distribute cash or assets from your Traditional IRA at any time, though a 10% early distribution penalty will apply. This penalty will be assessed on top of any applicable taxes.
AGE 59½ - 72
Upon reaching age 59½, you will no longer have to worry about the 10% early distribution penalty. Withdrawals will be taxed as regular income and need only occur at your election.
AGE 72 OR OLDER
You must begin taking required minimum distributions (RMDs) every year. RMDs are calculated in accordance with your age and your account value.

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GETTING STARTED

How do you fund your HSA account?

Contributions

You must have a high-deductible health insurance plan to make HSA contributions. HSA holders can contribute up to $3,550 in 2020 and $3,600 in 2021 if they have single health insurance coverage. They can contribute up to $7,100 in 2020 and $7,200 in 2021 if they have family health insurance coverage.  

HSA holders 55 years of age or older may contribute an additional $1,000 per year regardless of their insurance coverage.

Transfers

HSAs can be transferred between themselves without limit. The account holder can also transfer money from a Traditional IRA into an HSA once in his or her lifetime.

Rollovers

Rollovers are not applicable for HSA accounts.

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OTHER INVESTMENTS

ROI is everywhere if you know where to look.

No financial advisor knows you better than yourself. With a Self-Directed IRA you have the freedom to invest your tax-advantaged retirement funds in the assets you’re most passionate about. From real estate to startups to small businesses to more “out there” opportunities, if you can find it, we will help you fund it.

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EDUCATION CENTER

Want to learn more about HSA accounts?