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green health savings account card with bandage (Photo: Shutterstock)

Paying for health care costs is an important component in determining one’s financial needs in retirement that is often forgotten in retirement planning.  According to research by the Employee Benefit Research Institute, some couples may need $370,000 for medical expenses during retirement.  While 401(k) plans, individual retirement accounts (IRAs) and taxable investment accounts can help individuals meet their retirement planning needs, a health savings account (HSA) can provide a unique, triple tax-advantaged means of saving for medical expenses after retirement.

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