If you know you will need to pay for medical-related spendings (like eyeglasses, dentist visits, or another pre-existing condition,) you might look into a Health Savings Account. While they aren’t right or available for everyone, a Health Savings Account can be a great way to save money for medical expenses, and they can be a benefit for you once tax season rolls around. Just follow a few rules about these accounts:
* Make sure what you need falls under qualified procedures/ products that this account can pay for
* Use the money within the specified window (it usually starts over each year)
* Know how much you can contribute each month and each year
* Don’t put more than you will use in the account, as money withdraw that is not used for medical purposes can get a steep penalty
Here is a link you can follow for more detailed information– http://www.suite101.com/content/irs-health-savings-accounts-hsas—eligibility-and-rules-a235030
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