A Health Savings Account (HSA) is a tax advantaged savings account for current and/or future medical expenses.
An HSA is an Individual Custodial Account, and unlike a flex spending account, it is not "use it or lose it."
Contributions are made in cash and are "pre-tax," account earnings are tax-deferred, and distributions for Qualified Medical Expenses (QME) are tax-free.
HSAs can invest in assets (stocks, real estate, gold, etc.) on a tax-deferred basis.
To open an HSA and make contributions, you must have a high-deductible health plan, not be claimed as a dependent, and not be enrolled in Medicare.
Tax-free distributions to reimburse QMEs can be made at the time of service or anytime thereafter; as long as the QME occured after the HSA is open.
|Step 1||Open a self-directed HSA with New Direction IRA.|
|Step 2||Put money in that HSA by making a contribution, transferring from another HSA or doing a one-time direct transfer from an IRA (limited to the annual contribution amount).|
|Step 3||Direct your HSA to buy real estate, precious metals, private equity, loans, and more!|
Reduce your health care costs with a Health Savings Account. While most HSAs provide only savings or money market accounts, limiting what your HSA can earn, a self directed HSA can earn more by investing in precious metals, real estate, mortgages, limited partnerships, mutual funds and more.