Health Savings account (HSA) have a triple tax advantage which can not only help pay medical expenses, and investing health saving account funds can even help save for retirement. HSA accounts can reduce your tax liability. Here are 5 reasons why every person should contribute to a HSA.
00:00 – Start
00:34 – HSA Eligibility
00:56 – Reduce Taxes
2:14 – HSA Investment
3:13 – Tax Free Money
4:28 – Additional Retirement Account
6:57 – It’s Your Money
8:08 – Wrap Up
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20 comments
Last year on parents health plan. Next year will have HSA account and max it out but bitter sweet as going to have to pay the insane healthcare insurance costs.
Does anyone know if you can still contribute to your HSA if you leave your employer?
Does anyone know if you can still contribute to your HSA if you leave your employer?
Free money!
Just I’ve had my HSA for a while but just started investing it this year.. it’s already made some money!
I only contribute $120 a month, will definitely double my contribution starting tomorrow. 👍🏻
Absofreakinloutely I contribute to my HSA… to the max!
Know of anyone who offers incentives for opening an HSA investment account?
love these type of investing/finance videos as well! Keep them coming! Take care Dustin and keep the family safe!
One thing to be aware of is that HSA treatment varies from state to state. Some states don’t let you deduct contributions, others tax earnings like any other taxable account.
I’ve had a HSA for a decade but find most people can’t wrap their mind around the benefits. They under estimate the tax benefit and/or are afraid of the high deductible.
Who do you have an HSA with?
You do not need to be employed to have an HSA. You do need a qualified high deductible insurance plan (QHDHP). I purchased my insurance through the marketplace/Obamacare. I contribute to a HSA every year.
If you have a low balance in your HSA, minimizing your fees is critical. One low fee provider is Saturna. I am using their brokerage account option. Just Google Saturna HSA
PS Decided to post a link https://www.saturna.com/individual/health-savings-accounts
PPS Only good if you make annual contributions /annual investments. The $15 ETF brokerage fee can be your only fee, if you only invest once a year. The account is not a good fit if you are planning on using your HSA to actively reimburse your medical expenses
Another consideration is that you can use your credit card(s) to initially pay your medical expenses, earn rewards on these purchases, and then reimburse yourself from your HSA. One good example of this is if you get your prescriptions from a pharmacy that's part of a grocery store, you can earn 6% in rewards by using the Amex Blue Cash Preferred. (Just do a test charge first to make sure that it codes correctly.)
4:03 Instead of making friends with a giraffe, you just want to buy one! 🙃😉🤣
A HSA is the best tax-advantaged account! You should make it a priority to max out your contribution every year!
Great video! I'm not eligible. I'm in my twenties, and currently use Medicaid.
I max out my HSA every year.
Hi Dustin. Great stuff as always! Wondering if you have done a video specifically on HSA reimbursement for eligible out of pocket medical costs? the rules and limitation, any potential tax implications. I think many viewers, myself included, would want to know if we can put all the eligible medical costs of the CC to earn rewards and then get reimbursed by our own HSA account. Thank you.