Fidelity HSA
Fidelity HSA (Health Savings Account) is a financial product offered by Fidelity Investments that enables individuals to save and invest money for healthcare expenses. An HSA is a tax-advantaged savings account that can be used to pay for qualified medical expenses, such as deductibles, copayments, and prescriptions.
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Here are some key features of Fidelity HSA:
- Tax Advantages: Contributions to an HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free. This provides a significant tax advantage for individuals who use their HSA to pay for healthcare expenses.
- Investment Options: Fidelity HSA offers a range of investment options, including mutual funds, stocks, and bonds. This enables individuals to invest their HSA funds and potentially earn a higher return on their investment.
- No Account Fees: Fidelity HSA does not charge account maintenance fees, which can help individuals save money and maximize their savings.
- Contribution Limits: There are annual contribution limits for HSA accounts, which are set by the IRS. For 2022, the contribution limit for individuals is $3,650, and the limit for families is $7,300. Individuals age 55 and older can make an additional catch-up contribution of $1,000.
- Portability: HSA funds are portable, which means that individuals can take their HSA funds with them if they change jobs or retire. This provides flexibility and enables individuals to continue using their HSA to pay for healthcare expenses.
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Overall, Fidelity HSA is a financial product that provides tax advantages, investment options, and no account fees to help individuals save and invest money for healthcare expenses. It can be a valuable tool for individuals who want to save for future healthcare expenses while also potentially earning a higher return on their investment.