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Start a Health Savings Account

Tax law gives you a way to save for medical bills on a tax-favored basis through a Health Savings Account. These accounts, which can only be opened by taxpayers who have high-deductible health plans, allow you to sock away up to $3,300 per person ($6,550 per family) to pay future out-of-pocket medical costs. If you’re age 55 or older you can contribute an additional $1,000. In addition to the tax savings today, it’s important to note that you don’t need to spend your HSA savings in a single year, thus the money continues to grow tax-free. If you don’t need the money now, this growing savings or investment account can be tapped to pay medical costs when you’re older.

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