(WTNH) — As you get ready to file your taxes, you may be thinking about more ways to save money this year. Experts say there’s one simple way you can save when it comes to healthcare.
We all know your health can get expensive, so why not save where you can? Here’s an idea that just might help you stretch your dollar.
Ridgeline Financial’s Matthew Carbray told News 8 he recommends people consider a Health Savings Account. You put money into an account to save for health-related expenses like co-pays, prescriptions or procedures. He says if it’s available to you, it makes a lot of financial sense.
“One of the greatest ideas I can think of is putting money into that Health Savings Account and realizing you get a tax deduction as it goes in and it’s tax-free when it comes out and if you happen to not need the money. You’ve had a good health year, it carries over to the next year,” said Carbray.
If you’ve never looked into this before, it may be time to ask your HR representative if its offered. You may have access to an account like this through your employer. If not, you can also try your back or health insurance provider. They may also have a financial arm that provides a Health Savings Account.
Another good thing about it is you own and control the money, not your employer or insurance company. Maybe something to consider to save a little money.