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Health Savings Account Update

Introduced in 2003, a Health Savings Account (HSA) used in combination with a high deductible health care plan provides three tax advantages:

  • Income tax deduction for annual contributions
  • Tax-deferred growth
  • Tax-free withdrawals for qualified health care expenses

Depending on the fate of the current health care law, the HSA could become even more useful. Both the new president and Republicans in Congress have called for an increase in the contribution limit to the maximum out-of-pocket limits for high-deductible health plans. If those rules take effect in 2017, the individual HSA limit would rise from $3,400 to $6,550 for individuals and $6,750 to $13,100 for family plans. It has also been proposed that an HSA should not be subject to estate taxes when passed on to beneficiaries.

The content provided here is designed to provide general information on the subjects covered. It is not, however, intended to provide specific legal or tax advice.  Contact us at info@securedretirements.com or call us at (952) 460­-3260 to schedule a time to discuss your financial situation and the potential role of investments in your financial strategy.

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Danielle Christensen

Paraplanner

Danielle is dedicated to serving clients to achieve their retirement goals. As a Paraplanner, Danielle helps the advisors with the administrative side of preparing and documenting meetings. She is a graduate of the College of St. Benedict, with a degree in Business Administration and began working with Secured Retirement in May of 2023.

Danielle is a lifelong Minnesotan and currently resides in Farmington with her boyfriend and their senior rescue pittie/American Bulldog mix, Tukka.  In her free time, Danielle enjoys attending concerts and traveling. She is also an avid fan of the Minnesota Wild and loves to be at as many games as possible during the season!