Using a Health Savings Account or Flexible Spending Account can be a great way to reduce #medical expenses. But if trying to decide between a #FSA or #HSA, there are a few key differences. And each health account has their benefit that could be helpful to reduce medical cost.
00:00 – Start
00:33 – What Is a HSA and FSA?
2:45 – Qualified Medical Expenses
3:50 – Contribution Limits
5:09 – Variability
6:04 -FSA Use It Or Lose It
7:08 – FSA Loophole
7:53 – HSA You Own It
8:53 – Which Should You Choose?
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23 comments
I wish it didnt require a qualified health plan.
Comment. Take that algorithm. Will revisit over the lunch hour 💪🏾
Thanks for this info! How's investing the platform Lively HSA? I just signed up and still learning how HSA's work.
HSA are sweet. A cheaper healthcare system would be nice… but the HSA is a win to counter it.
I’ve maxed out an HSA for a couple years. You don’t pay income tax, social security tax, or Medicare tax on the contributions. It’s my favorite investment vehicle
HSA>401K or IRA>FSA (Assuming no matching to change the calculation)
Fsa is pretty good, but you need to really project your costs for the year. Also I like using it for single large expenses.
Love the HSA. But Vegas is not a fund on the list to pick from.😩
I’ve had an FSA for the past 2 years and have used it for ortho treatment. 😬 I’m now ready to do an HSA + FSA next year so this video is great timing! Thanks for the thorough breakdown, Dustin!
Great info, thank you.
I'm not eligible for an HSA, but that's not a bad thing. My military retirement and Tricare cover most everything, with a max $3K catastrophic cap. It's a good deal!!
FSA is 🐕🦺💩
Use it or lose it boiz!
I always max out HSA… For a 2 income household with kids, its nice to have one parent on high deductible plan with an HSA, and then the other parent and kids on another health plan with lower deductible, and then both parents on both dental plans… This way, dental fees are double covered by 2 plans from 2 employers, many doctors expenses have low deductibles, but all expenses can be paid for with pretax money from the HSA which accumulates over time and anything that isnt used simply carries over to the next year… The nice thing about the HSA is that those funds can be used to pay not just for your own medical and dental expenses, but for family members, even if they are not covered by the same high deductible plan
Maxing my HSA and also combining with limited purpose FSA.
I love having an HSA plus my employer contributes into our account as well!
Wait a minute….did Waller try to return a child? 🤔
Great video Dustin! I’m self-employed with a lower deductible health insurance plan. I’m not eligible for either am I?
Excellent work here Dustin! Right on the money!💰
Awesome summary, Dustin! 👍🏻 Thanks for the info! Boomer Sooner!!!
Excellent work Dustin. I think I would go with an HSA given that you can open one outside of an employer. But, we have government health insurance, which is awesome! We paid about $200 for the birth of our baby and really low co-pays. What happens to the money in an FSA? Take care Dustin and keep the family safe!
I use a HSA and have a $3,000 deductible on a “Cadillac” plan with employer matching. I flow a $3k reserve to keep out of pocket at zero in principle.
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