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Volkswagen to scrap half of product lineup as China, EV pressures mount Yahoo FinanceExecutive Board Presents Future Plan volkswagen-group.comVolkswagen Is Cutting Production as Sales in China Plunge The New York TimesSkoda Auto says it is not directly impacted by VW overhaul plans ReutersVolkswagen Group tells its board how to fix it, unions di
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What we know about death of Nolan Wells, Black teen who went missing on Mississippi boat trip PBSNew details revealed in press conference with Nolan Wells' family, Ben Crump, Rev. Al Sharpton WLOXIndependent autopsy planned following Mississippi teenager's death The Washington PostParents of Nolan Wells, teen found dead on island, don't believe he chose to stay behind: "That's not his character" CBS News
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Graham Platner makes it official in Maine, submitting paperwork to leave Senate race NPRIn Replacing Platner, Democrats Are Haunted by Biden-Harris Switch The New York TimesGraham Platner withdraws from Maine Senate race, kicking off Democrats' quest for nominee Boston Herald‘No one planned for this': The rapidly-evolving 18-day primary to replace Platner PoliticoWhat we know about the Houston ICE shooting and the Democrats vying to replace Graham Plat
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Graham Platner withdraws from Maine Senate race, kicking off Democrats' quest for nominee AP NewsDemocrats Haunted by Biden-Harris Switch as They Replace Platner in Maine The New York TimesGraham Platner submits notice to formally withdraw from Maine Senate race PBS‘No one planned for this': The rapidly-evolving 18-day primary to replace Platner Politico
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Ten Killed in Plane Crash on the Bahamas' Largest Island The New York TimesSeveral killed in small plane crash in the Bahamas, officials say CBS NewsSmall plane crashes in the Bahamas, killing several people. Officials report one survivor ABC News - Breaking News, Latest News and VideosPM: No survivors in North Andros plane crash Tribune 242
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Too many young professionals are leaving Uncle Sam an enormous tax gratuity. How are they doing this? By not taking full advantage of the triple tax benefits of a health savings account. I've yet to meet anyone who wants to pay more taxes. Many do not mind paying their fair share, but they do not want to leave a tip.
SEE MORE ‘I Can't Retire - I Need Health Insurance'
An early to mid-career professional with a high-deductible health plan (HDHP) could be missing out on six figures of lifetime tax savings. With open enrollment for health insurance around the corner, it's time to understand and utilize the benefits of your HSA.
What Qualifies as a High-Deductible Plan?
For 2023 a high-deductible health plan is defined by the IRS as one with a deductible not less than $1,500 for self-only coverage or $3,000 for family coverage, and for which the annual out-of-pocket expenses do not exceed $7,500 for self-only coverage or $15,000 for family coverage. Healthy young professionals are prime candidates for an HDHP. That is because many of them need minimal medical care; they visit the doctor annually and have no or few drug prescriptions.
Because their medical expenses are low, money contributed to a health savings account can be used to generate significant tax savings while also building a large health care nest egg.
What Are the Triple Tax Benefits of HSAs?
Contributing to a health savings account provides a triple tax benefit:
First, anyone who
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